FOS board pay increases 9% to £1.44m

FOS chief executive Natalie Ceeney

The Financial Ombudsman Services’ board was paid a combined £1.44m in the year to 31 March 3013, a 9 per cent increase on the previous year’s figure.

The FOS has today published its directors’ report and financial statements for 2012/13.

Total remuneration, which includes salaries, pensions and other benefits, increased from £1.32m last year to £1.44m this year.

FOS chief executive Natalie Ceeney was paid £256,064 in 2012/13, an 8 per cent increase on the £236,444 she received in 2011/12.

The FOS’ pre-tax surplus on 31 March was £818,000, while the number of new cases has almost doubled from 264,375 last year to 508,881 this year. Some 74 per cent of these cases related to payment protection insurance.

Ceeney says: “This has been a year of unprecedented challenges for the ombudsman service. As well as receiving substantially higher volumes of cases than anyone forecast, we have found our caseload increasingly volatile – with a higher proportion of more complex disputes being referred to us by consumers.

“Meanwhile we have continued to scrutinise our day-to-day running costs. We were pleased with the outcome of the efficiency review that the National Audit Office carried out for us – which we published in January 2012.

“The review noted that, since the ombudsman service was set up, our costs have grown significantly more slowly than our caseload.”