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FCA’s Financial Ombudsman Zahida Manzoor to Serve Second Term

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FCA's Financial Ombudsman Zahida Manzoor to Serve Second Term

Britain's FCA (Financial Conduct Authority) has reappointed Baroness Zahida
Manzoor to lead the Financial Ombudsman Service (<a href="" target="_blank" rel="follow">FOS</a>) as its Chair for a second
term, which will run until August 2025.</p><p>FCA Reappoints its Chair of
the Financial Ombudsman Service</p><p>According
to the statement published by the FCA on Monday, the reappointment was made by
the UK's regulator Board, followed by the approval of the Treasury. Baroness
Manzoor started her role as the Financial Ombudsman in 2019 on an initial
three-year term and after successfully fulfilling her role, she was reappointed
for another term of office.</p><p>"I am
delighted to be reappointed as Chair of the Financial Ombudsman Service as we
move forward on our ambitious change agenda to provide a first-rate service to
our customers. I am looking forward to continuing to work with my Board and my
new Executive Team to deliver sustainable performance improvements, excellent
service standards and value for money," Baroness Manzoor commented.</p><p>Interim
Chair of the FCA, Richard Lloyd, congratulated Manzoor on her appointment for
another term and recalled that The Financial Ombudsman Service plays a vital
role in protecting consumers in their dealings with financial firms. Manzoor
initiated a transformation program during her first term of office to improve
the quality of the service provided by the Financial Ombudsman.</p><p>"We will
continue to ensure that our proactive engagement to share the valuable insights
our casework provides will enable businesses to address their customers'
concerns quickly and fairly and reduce the number of complaints that need to be
referred to our Service," she added.</p><p>Watch the recent FMLS22 panel on regulation in 2023.</p><p>Baroness Zahida Manzoor's Career Before Joining the FCA</p><p>In 1998, Baroness Manzoor was awarded the Commander of the Order of the British Empire,
one of the highest national honors in the UK, for her work on behalf of the
National Health Service (<a href="" target="_blank" rel="follow">NHS</a>) and the fight against racism. </p><p>She has
over 20 years of experience acquired on the boards of major organizations. She
has held the roles of The Legal Services Complaints Commissioner and The Legal
Services Ombudsman for England. As a member of the NHS, she was responsible for
delivering significant transformational programs.</p><p>In 2013, she
was appointed to the House of Lords, where she held the Government Whip and
Minister position from March 2018 to May 2019.</p><p>FOS Received 73,000
Complaints in H1 2022</p><p>According
to the FOS report, the number of <a href="" target="_blank" rel="follow">complaints </a>made in the first half of 2022 reached almost 73,000. Complaints relating to the investment sector amounted to
2,427. All complaints involved a total of 212 firms, compared to 216 reported
in the previous six months.</p><p>The
complaint uphold rate was 37%, remaining at the levels of the second half of
2021. The rate came in for complaints relating to the <a href="" target="_blank" rel="follow">investment industry</a> at
29%. 4,242 complaints filed were resolved proactively by companies. </p><p>"Through
this initiative, 6,877 offers from over 90 firms were made to customers to
settle complaints. We reviewed the fairness and reasonableness of any offer
communicated through the process, which resulted in the total number of
complaints proactively resolved as part of the scheme being 5,460," the FOS

This article was written by Damian Chmiel at

Source: FCA's Financial Ombudsman Zahida Manzoor to Serve Second Term
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