Financial Conduct Authority  

Fos reviewer appointed to FCA board

Fos reviewer appointed to FCA board

Richard Lloyd, who carried out the independent review into complaints handling at the Financial Ombudsman Service last year, has been appointed as a non-executive director to the board of the Financial Conduct Authority.

Mr Lloyd, former executive director of consumer rights organisation Which and current chairman of consumer complaint resolution service Resolver, published his findings on the ombudsman in a 53-page review last July.

His review found no institutional bias against consumers, but it did raise concerns about the knowledge of some investigators and recommended a switch in priority from "efficiency" to "quality".

Mr Lloyd is due to begin his three-year term on the regulator’s board on April 1.

Mr Lloyd is a founding trustee of the Money and Mental Health Policy Institute and a member of the Independent Parliamentary Standards Authority board.

He also worked in No10 Downing Street between 2008 and 2010 as a special adviser to then prime minister Gordon Brown.

Baroness Sarah Hogg, the FCA’s senior independent director, has been re-appointed as a non-executive director for a second three-year term on the regulator’s board, also starting on April 1.

Amelia Fletcher OBE will remain on the FCA’s board for another year, as an extension to her second term as a non-executive director.

Ms Fletcher will continue to serve as a non-executive director and senior independent director of the Payment Systems Regulator during this period.

Charles Randell, chairman of the FCA, said: "Richard's proven expertise and deep experience of both consumer issues and financial services mean he is ideally placed to further reinforce the FCA board’s consideration of consumer needs.

"I know he will make a significant contribution and I look forward to working with him. I am also delighted that Sarah Hogg and Amelia Fletcher will continue to serve on the board."

John Glen, economic secretary to the Treasury, said: "Richard Lloyd’s wealth of experience as a consumer expert will be a valuable contribution to the crucial work of the FCA, ensuring our financial sector keeps customers at the heart of how firms do business.

"I am also delighted to re-appoint Baroness Sarah Hogg for a further three-year term, and to extend Amelia Fletcher’s second term by a further year.

"Both Sarah and Amelia have brought considerable expertise to the FCA board, and I am grateful for their continued contributions."