Merricks departure as Financial Ombudsman leaves a very big hole to fill but a decent legacy

Walter Merricks' decision to step down as chief ombudsman at the Financial Ombudsman Service does, for once, merit the description of being the end of an era. He has been the only holder of that post in the ten years the organisation has been running, having held a similar position with the Insurance Ombudsman Bureau for some years before that. The IOB was merged into the FOS in the wake of the passing of the Financial Services and Markets Act and the creation of the Financial Services Authority.

He has done an exceptional job, although you will find critics both among consumer groups and industry sectors, especially independent financial advisers. Some consumer organisations have maintained a persistent criticism that the FOS was too close to the industries it adjudicated on while IFAs frequently lashed out at him for being a consumer champion. He was neither, although the figures in terms of the percentage of complaints upheld suggest that the consumer groups might have more justification for their criticism. If IFAs really feel Walter Merricks was a "consumer champion" they had better hope most fervently that they do not get a real champion of consumer rights as his successor.
Of course, not everything the FOS did was perfect or above but criticism but Walter Merricks was always aware of that and submitted his organisation to independent review on more than one occasion, most recently at the beginning of last year when Lord Hunt of Wirral was asked to make recommendations for improving the FOS. It was an admirably open and engaging exercise (to which the All Party Parliamentary Group on Insurance & Financial Services contributed one of the most substantial set of recommendations) and the changes that followed will ensure that the FOS remains fit for purpose for some years to come. That is not a bad legacy for Walter Merricks to leave.

Posted by David Worsfold on July 6, 2009 2:02 PM | | Comments (2)

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The departure of Walter Merricks may hopefully bring about the reintroducton of integrity within the overseeing of the Insurance Industry. I speak as one who has "not been helped" by the FOS who's role is to selectively abuse those Policyholders of honest intent who's cases do not meet the criteria which the FOS, the FSA, the Treasury + the ABI decide are appropriate so as to divert the Premiums and VAT into the hands of the selected few. One day justice will be obtained, though presently criminals who are intent on lying have the best chance of winning their cases.

Posted by Mike Kelly | July 19, 2009 3:43 PM

Mr Merricks has no legitimcy to argue he acted for Consurmers. He acted for those who sought to abuse the Human Rights of law abiding citizens of the UK. Now he moves on to pursue the development of Sperm Banks and do the work in the Health World he did in the FOS. God have Mercy on us all. I see a Knighthood pending

Posted by Mike Kelly | November 8, 2009 7:15 PM

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David Worsfold

David has been a financial journalist for 30 years and is currently Group Editorial Services Director at Incisive Media.

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