Baroness Manzoor has been reappointed as chair of the Financial Ombudsman Service after serving more than three and a half years in the role.

The year has not started well for the adviser sector with nearly a dozen firms already declared as failed by the Financial Services Compensation Scheme.

The Financial Ombudsman Service plans to freeze its fees for 2023/24 at this year’s level due to the economic pressures facing firms.

Caseworker productivity improved 12% at the Financial Ombudsman Service in 2021/22 as the Ombudsman confirmed this week that its compulsory levy will rise by over 10% for 2022/23.