The Financial Conduct Authority (FCA) has announced that Baroness Zahida Manzoor CBE has been appointed Chair of the Financial Ombudsman Service.
Baroness Manzoor will step into the role in August taking over from Sir Nicholas Montagu who is stepping down after more than seven years in the post.
Baroness Manzoor was appointed to the House of Lords in 2013, where she served as House of Lords Government Whip and Minister between March 2018 and May 2019.
Chair of the FCA, Charles Randell, thanked Sir Nicholas for his service while stating that he was delighted with the selection as Manzoor brings “extensive experience of public service, governance and dispute resolution to the role.”
Commenting on the appointment, Baroness Manzoor said:
“My appointment to the role of chair of the Financial Ombudsman Service follows a career dedicated to public service and ensuring fair treatment in people’s everyday lives. I very much see that continuing with the ombudsman service. I wish Sir Nicholas Montagu well as he hands me the baton and I look forward to working with Caroline Wayman and ombudsman service colleagues, who I know are committed to providing a modern and first rate service to all. And it’s vital too that we maintain effective and constructive relationships with all key stakeholders to ensure we all work together in the best interest of all users of the service.”
The Financial Ombudsman Service was set up to resolve complaints between financial businesses and their customers. The Ombudsman may help with most financial services. As financial services become digitized, the Ombudsman’s responsibilities take on more import as a greater diversity of services has become available to a far wider audience.