The chief executive of the Financial Ombudsman Service has become the latest regulator to unexpectedly step down after the government said it does not want red tape to hinder growth among finance firms.
In a short statement, the disputes body says Abby Thomas (pictured) will leave he post as chief executive and chief ombudsman after joining in October 2022.
Financial Ombudsman Service Baroness Manzoor wished Thomas, “every success in her future career.”
Thomas added it had been, a “privilege to lead the Financial Ombudsman Service through this period of rapid transformation and innovation”.
Deputy chief ombudsman James Dipple-Johnstone will act as chief ombudsman, while chief finance and risk officer Jenny Simmonds will act as chief executive until a replacement is found.
The watchdog settles disputes between financial firms and their customers, after being established by Parliament in 2001.
Thomas becomes the fourth head of a regulator to suddenly leave her post after the Chancellor warned of the danger of rep tape stifling growth in the City at her keynote Mansion House speech in November.
Rachel Reeves added that regulations put in place to protect the economy after the 2008 global financial crisis had “gone too far”.
Last month, former Amazon UK head Doug Gurr was installed as interim chair of the Competition and Markets Authority after Marcus Bokkerink left suddenly, after just over two years in the role.
