The Financial Ombudsman Service (FOS) has announced that Abby Thomas is stepping down as CEO and Chief Ombudsman.
Thomas (pictured) who is stepping down with immediate effect, joined the FOS in October 2022. Her name has already been removed from the online list of the executives on the Financial Ombudsman Service.
The Financial Ombudsman Service was most recently in the news for the appointment of Marc Harris as chief operating officer (COO) in January.
There was little suggestion of today’s developments, when Thomas said at the time: “Marc is a great addition to our executive team and will play a key role in helping us deliver on the big ambitions we have for our service.”
But in November last year it was clear that big changes were in the works.
Health & Protection reported in November that Chancellor Rachel Reeves had outlined an overhaul and modernisation of the FOS in her Mansion House speech, with the aim of reducing uncertainty in its decisions for customers and the industry.
Reeves said at the time: “The Financial Ombudsman Service plays a vital role for consumers to get redress when things have gone wrong, and that will not change, but reform is needed to create a surer climate for investment.
“So we have worked closely with the FCA and the ombudsman to develop a new agreement between the two institutions with clearer expectations on how they cooperate, including on historic market practice and mass redress events.”
Interim replacements
Meanwhile, until a replacement is found, interim arrangements will apply with the deputy chief ombudsman, James Dipple-Johnstone, covering the chief ombudsman role.
Chief finance and risk officer, Jenny Simmonds will cover the CEO role.
Dipple-Johnstone is responsible for casework policy and leading the ombudsman and investigations teams in the delivery of investigations.
He joined the Financial Ombudsman Service in October 2022 from the Information Commissioners Office, where he was deputy commissioner and chief regulating officer, leading their regulatory service.
He also worked as an operations director for the Parliamentary and Health Service Ombudsman, commissioner for North West England Police Forces and director of investigation and supervision for the Solicitor’s Regulation Authority (England and Wales)
Simmonds, who also acts as company secretary, joined the Financial Ombudsman Service in January 2023.
Her previous role was with Virgin Media O2 Business and Wholesale UK, where she had most recently been the strategy, commercial and data director following four years in Virgin Media Business commercial and economics director roles.
She has more than 10 years’ experience as a finance director, having held this role across various divisions of Virgin Media.
Future career
Baroness Manzoor CBE, chairman of the board, said: “On behalf of the board and the executive, I would like to record our thanks and wish Abby every success in her future career.”
Thomas said: “It has been an absolute privilege to lead the Financial Ombudsman Service through this period of rapid transformation and innovation.
“I am immensely grateful to the entire Ombudsman team for everything that they do to support our customers and build confidence in the financial services industry.”
