CCTA comment on the departure of Caroline Wayman, CEO of Financial Ombudsman Service

Commentary | 10/03/21

“It is no secret that we have long been concerned about the management of the Financial Ombudsman Service (FOS). Our most recent concerns have been about the organisation’s finances- both the funding model and runaway spending.

“Just as important is that we tackle Claims Management Companies’ (CMCs) activities. Regulators have identified cases of fraudulent activity, the misrepresentation of individuals and the misuse of their data. Yet, the FOS seems happy to encourage them and give them the benefit of the doubt.

“As we look ahead, the next Chief Executive must ensure that the Ombudsman provides an impartial service that works for consumers and firms. The FOS needs to help tackle bad practice by CMCs and ensure that customer data is protected and not misused. For firms, there needs to be consistency of approach and better understanding of consumers, products and the challenges facing firms”.