Sue Slipman appointed Chairman of Financial Ombudsman Service

Ms Slipman joins the FOS from Camelot Group plc, where she has been responsible for environmental and social responsibility since 1998. Previously Ms Slipman was Director of the Gas Consumer Council, the statutory body responsible for all aspects of consumer representation and complaint management in the gas industry. From 1985 to 1995, she was Director of the National Council for One Parent Families.

FSA Chairman Howard Davies said:

"I am very pleased that Sue Slipman is to succeed Andreas Whittam Smith as Chairman of the FOS. Andreas has led the smooth transition from eight former complaint schemes into a single body, a significant and valuable achievement for financial services consumers and firms. As a result, the FOS has established itself as an effective dispute resolution service and I have every confidence that Ms Slipman, with her wealth of expertise and experience, will take forward the work of the service in meeting its obligations in the face of changing markets."

Sue Slipman commented:

"The financial services industry touches on the lives and well-being of nearly every individual and household in the country. In such a fast-moving competitive market, it is important for both individuals and industry to have confidence in the mechanism to resolve disputes. The FOS has successfully established itself as a one-stop shop for consumer complaints and I am delighted to be joining it at a time when the need for individuals to make adequate provision for their financial security is becoming increasingly important."

Notes for editors

1. The Financial Ombudsman Service was set up under the Financial Services and Markets Act 2000 to resolve disputes between consumers and financial service firms quickly and with minimum formality. It is a company limited by guarantee without share capital. The Financial Ombudsman Service deals with around 55,000 cases a year, employs 500 staff and has an annual budget of 28m.

2. All members of the Financial Ombudsman Service Board are public interest non-executive directors. The selection process for Board members included public advertisements and interviews with a selection panel including public interest representatives. The appointment of the Chairman is made by the FSA with the approval of the Treasury. The new Chairman will take up her appointment in late February.

3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000:maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.

4. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.