Financial Ombudsman Service chief executive Caroline Wayman has stepped down from her role following pressures over mounting unresolved complaints.
An investigation by Money Mail revealed that thousands of complaints are taking years to resolve. It showed there are currently 158,000 complaints waiting to be cleared.
FOS had been under pressure from MPs on the Treasury select committee over prolonged times of resolving complaints.
Writing on her LinkedIn profile, Wayman wrote yesterday: “After 22 years at the service and nearly seven years as chief executive and chief ombudsman I am stepping down from the role. It’s been an honour and a privilege to have led the service throughout this time.
“The service has reached a pivotal point; in 2021 we expect to receive our final PPI cases and as nations, organisations and individuals, we are contemplating a landscape shaped and forever changed by a global pandemic.
“It’s against this backdrop, that the service is embarking on the next phase of its journey and it’s time for me to do the same.
“I wish the board, the executive team and everyone at the service the very best and my thanks too goes to the many stakeholders with whom I have worked over the years. What connects us all has been our shared commitment to the role of the ombudsman service and to keeping customers’ best interests at heart.
On behalf of the FOS board chair Zahida Manzoor said: “Caroline’s departure comes at the end of a long career, during which time she’s played a key role in significant milestones in the service’s history. Most recently, Caroline has, of course, been steering the service through its response to Covid-19, ensuring operational resilience and balancing the dual responsibilities of serving customers and supporting staff, during these most challenging of times.
“On behalf of the board, the executive and all the staff at the service, I would like to record our thanks and wish Caroline every success in her future endeavours”.
“The appointment of the chief ombudsman and chief executive is made by the board.
“An open process for recruiting Caroline Wayman’s successor will begin shortly.”
