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New chairman for Financial Ombudsman Service

The Financial Services Authority has appointed Sue Slipman OBE as the new chairman of the board of the Financial Ombudsman Service.

The board runs the single ombudsman scheme set up by the FSA under the Financial Services and Markets Act 2000 to deal with complaints against the financial services sector.

Slipman joins the FOS from Camelot Group, where she has been responsible for environmental and social responsibility since 1998. Previously she was director of the Gas Consumer Council, the statutory body responsible for all aspects of consumer representation and complaint management in the gas industry. From 1985 to 1995, she was director of the National Council for One Parent Families.

FSA chairman Howard Davies says: “I am very pleased that Sue Slipman is to succeed Andreas Whittam Smith as chairman of the FOS. Andreas has led the smooth transition from eight former complaint schemes into a single body, a significant and valuable achievement for financial services consumers and firms. As a result, the FOS has established itself as an effective dispute resolution service and I have every confidence that Ms Slipman, with her wealth of expertise and experience, will take forward the work of the service in meeting its obligations in the face of changing markets.”

Slipman says: “The financial services industry touches on the lives and well-being of nearly every individual and household in the country. In such a fast-moving competitive market, it is important for both individuals and industry to have confidence in the mechanism to resolve disputes. The FOS has successfully established itself as a one-stop shop for consumer complaints and I am delighted to be joining it at a time when the need for individuals to make adequate provision for their financial security is becoming increasingly important.”

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