Earlier this year our non-executive board commissioned an independent review of our service to look at where we might be able to do things better.

A respected consumer rights champion, Richard Lloyd, was asked to carry out the review. In the months since his appointment, he has spent time talking to our people, our customers and our stakeholders, and he has shared his findings and recommendations with our service in a report (PDF 559KB).

Chief ombudsman and chief executive Caroline Wayman has welcomed the report, saying:

We’re grateful to Richard Lloyd for conducting such a thorough review. We’ll be considering carefully what it means for our service, keen to learn from the past so we can do things even better in the future. We will publish an update on our progress by the end of the year.

Latest news

FCA appoints new interim chair of the Financial Ombudsman Service

28 July 2025

Today the Financial Conduct Authority (FCA) announced the appointment of Liam Coleman as interim chair to the board.

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Redress system reforms to prevent compensation delays and provide predictability needed for innovation

15 July 2025

The Financial Conduct Authority (FCA) and Financial Ombudsman Service are seeking to modernise the financial redress system to help prevent it becoming overwhelmed, delaying consumer compensation.

Press release

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Financial Ombudsman Service announces change to compensation interest levels

15 July 2025

Today we announced plans to change the interest rate applied to the compensation awarded to consumers.

Press release

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