ABSTRACT
Under the draft Bill, the FSA is to set up a limited company to administer the new ombudsman scheme, with its own Ombudsman Board, independent of the FSA. Members of the Board would be appointed by the FSA ‘in the public interest’ to ‘blend industry experience and a wider consumer perspective’.99 The appointment of chairman of the company is subject to the approval of the Treasury. It would be the responsibility of this Board to appoint the FSO and the panel of ombudsmen.
