The chief executive of the Financial Ombudsman Service (FOS) has unexpectedly stood down from her role.
Abby Thomas, who joined the FOS in October 2022, was also chief ombudsman.
Deputy chief ombudsman James Dipple-Johnstone will cover the chief ombudsman role, while chief finance and risk officer Jenny Simmonds will step into the CEO role.
In a statement, Thomas said it had been “an absolute privilege to lead the Financial Ombudsman Service through this period of rapid transformation and innovation”.
She added: “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.”
Chairman of the board, Baroness Manzoor CBE, 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.”
Financial ombudsman service three- and six-year rule
Thomas previously held senior leadership positions at Virgin Media O2, Vodafone and BT. It is not yet clear where she will move to next.
In November 2024, chancellor Rachel Reeves announced changes to the redress system in the UK and said as part of that she wants to see the Fos overhauled.
In her Mansion House speech, Reeves said: “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.”
A joint call for input from the Fos and the Financial Conduct Authority on how to modernise the redress system closed on January 30.
The results will be announced later this year.
