Financial Ombudsman Service Chairman Baroness Zahida Manzoor Resigns Amidst Regulatory Overhaul
Baroness Manzoor, Chairman of the Financial Ombudsman Service (FOS), has announced her resignation, effective August, at the expiration of her three-year term. This follows the recent departure of FOS Chief Executive Abby Thomas and the government's appointment of Doug Gurr as Chairman of the Competition and Markets Authority.
Baroness Manzoor's resignation comes amidst a broader review of UK regulators led by Chancellor Rachel Reeves. Reeves has urged regulators to reduce red tape and promote economic growth.
The FOS is responsible for resolving consumer disputes with banks and financial institutions. Its recent rulings on car finance loans have sparked industry criticism and contributed to market uncertainty.
Baroness Manzoor emphasized that the FOS is not without leadership, despite the departures of Thomas and herself. However, MPs have raised concerns about potential instability within the organization.
In a statement, Baroness Manzoor acknowledged the FOS's critical role in the financial redress system. She affirmed her commitment to providing quality service to customers until her departure.
The resignations and regulatory overhaul highlight the evolving landscape of financial regulation in the UK.