Mr Coleman has over 30 years’ extensive financial services, public sector and board experience. He was formerly chief executive officer of The Co-operative Bank, deputy group treasurer and group head of capital management at The Royal Bank of Scotland (RBS) and group director, treasury at Nationwide Building Society.

Mr Coleman currently chairs Great Western Hospitals NHS Foundation Trust and London and Quadrant Housing Trust, and is interim chair of Royal United Hospitals Bath NHS Foundation Trust. 

Liam will succeed Baroness Zahida Manzoor CBE, who is stepping down after two terms in post. Liam will chair the Financial Ombudsman’s board until a permanent appointment is made, after the initial recruitment campaign proved unsuccessful.

Ashley Alder, chair of the Financial Conduct Authority (FCA), commented: “I am delighted that someone with Liam’s depth of experience will lead the Financial Ombudsman’s board during what is a pivotal time for the organisation. 

“I want to thank Baroness Manzoor for all she’s done to steer an ambitious improvement programme at the Ombudsman over the last six years.”

Mr Coleman said: “I am honoured to take on the role of interim chair at the Financial Ombudsman Service. It plays a vital role in upholding fairness and trust in the financial system.

“I look forward to working closely with the board, executive team, and our wider stakeholders – including the Treasury and the FCA.”

The FCA and the Financial Ombudsman are currently seeking to modernise the financial services redress system to help prevent delays to compensation. As part of this, the Financial Ombudsman plans to consult later this summer on different levels of case fees for financial firms, to make the system fairer and support early resolution.