The Financial Conduct Authority (FCA) Board has appointed Liam Coleman as the new chair of the Financial Ombudsman Service. This appointment has received approval from the Treasury. Coleman will officially begin his permanent role on 10 October 2026, serving for a period of three years. He has been serving as the interim chair for the past year.
Ashley Alder, chair of the FCA, expressed confidence in Coleman's leadership, stating, 'Liam has brought strong leadership and valuable insight to the Financial Ombudsman Service over the past year. His extensive experience across financial services, regulation and public service organisations will be invaluable as we work together to support a redress system that is fair, predictable and effective for consumers and firms.'
Commenting on his appointment, Mr Coleman said, 'I am honoured to take on the permanent role as chair of the Financial Ombudsman Service. It plays a vital role in upholding fairness and trust in the financial system. I am pleased to be able to continue to work with the rest of the Board, the executive team, and our wider stakeholders.'
Coleman also holds the position of group chair at London & Quadrant Housing Trust. His career includes significant experience in financial services and the public sector, with previous roles at the FCA, NHS Foundation Trust, Nationwide Building Society, Royal Bank of Scotland, and Cooperative Bank.
The Financial Services and Markets Act 2000 (FSMA) mandates the FCA to appoint the chair of the Financial Ombudsman Service, subject to Treasury approval. The Board of the Financial Ombudsman Service is tasked with ensuring the service operates effectively and independently, with adequate resources. Established to resolve disputes between financial firms and their customers, the service covers a wide range of financial products, including banking, insurance, loans, mortgages, pensions, and investments. Its remit expanded in April 2019 to include complaints from larger small and medium-sized businesses and claims management companies.
The FCA and the Financial Ombudsman Service are collaborating with the government to modernise the UK's redress system, aiming for a consistent, predictable, and fair service for both firms and consumers.
