The top of the Monetary Ombudsman Service (FOS) has successfully been compelled out of the position after shedding the boldness of its board amid rising authorities stress on financial watchdogs.
Britain’s banks and insurers have lengthy argued for a payment to be imposed on CMCs that may deter spurious ambulance-chasing, with the FOS proposing final Could to determine a £250 cost.
Cash newest: Pound falls as Financial institution of England offers progress blow to chancellor
Trade executives mentioned that Ms Thomas had argued for a a lot decrease payment – mentioned to be as little as £25.
Ms Thomas, who joined the FOS lower than two-and-a-half years in the past as chief government and chief ombudsman, is claimed by insiders to have misplaced the boldness of the organisation’s chair Baroness Manzoor.
The prime minister, chancellor and enterprise secretary have been intensifying stress on regulators in latest weeks as they search desperately for methods to kickstart progress within the financial system.
That stress resulted within the ousting of the Competitors and Markets Authority chairman final month, and one financial institution government mentioned that Ms Thomas’s exit – whereas indirectly instigated by ministers – was a mirrored image of the identical temper.
Rachel Reeves, the chancellor, just lately moved to intervene within the automobile mortgage suppliers authorized motion which threatens to saddle lenders with compensation payments working to many billions of kilos.
In its assertion on Thursday, the FOS – which is operationally impartial however handles complaints in response to guidelines revealed by the Monetary Conduct Authority (FCA) – famous merely that Ms Thomas was “stepping down”.
The FCA additionally appoints FOS board members, and its chair with the approval of the Treasury.
“Interim arrangements will apply with the Deputy Chief Ombudsman, James Dipple-Johnstone, covering the Chief Ombudsman role and the Chief Finance and Risk Officer, Jenny Simmonds, covering the Chief Executive role,” the FOS mentioned.
Baroness Manzoor added: “On behalf of the board and the executive, I would like to record our thanks and wish Abby every success in her future career.”
Ms Thomas mentioned: “It has been an absolute privilege to steer the Monetary Ombudsman Service by way of this era of fast 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.”
A spokesperson for the FOS mentioned it could not remark past the assertion on its web site.
Ms Thomas couldn’t be reached for remark.
