Liam Coleman, former Co-op Bank chief executive, has been appointed interim chair of the Financial Ombudsman Service by the FCA.

He will take up the role on 10 October.

He will replace Baroness Zahida Manzoor who leaves the organisation on 1 August after two terms in the post.

She announced she would be stepping down in February - just days after FOS CEO Abby Thomas surprisingly quit the organisation.

Mr Coleman has more than 30 years’ financial services, public sector and board experience. As well as being chief at the Co-operative Bank, he was deputy group treasurer and group head of capital management at The Royal Bank of Scotland and group director, treasury at Nationwide Building Society.

He currently chairs Great Western Hospitals NHS Foundation Trust and London and Quadrant Housing Trust, and is interim chair of Royal United Hospitals Bath NHS Foundation Trust. 

He joined the FCA board in November 2019 but will leave his current position as non-executive director at the FCA to take up his role at the Financial Ombudsman. 

Ashley Alder, chair of the FCA, said:  “I am delighted that someone with Liam’s depth of experience will lead the Financial Ombudsman’s board during what is a pivotal time for the organisation.

"I want to thank Baroness Manzoor for all she’s done to steer an ambitious improvement programme at the Ombudsman over the last six years.”

Liam Coleman said:  “I am honoured to take on the role of interim chair at the Financial Ombudsman Service. It plays a vital role in upholding fairness and trust in the financial system. 

“I look forward to working closely with the board, executive team, and our wider stakeholders – including the Treasury and the FCA.”

The FCA and the Financial Ombudsman are currently seeking to modernise the financial services redress system to help prevent delays to compensation. As part of this, the Financial Ombudsman plans to consult later this summer on different levels of case fees for financial firms, to make the system fairer and support early resolution.