The Financial Ombudsman Service has appointed FCA executive Nausicaa Delfas as its interim chief executive and chief ombudsman following the departure of Caroline Wayman.

The Financial Ombudsman is to increase its case fee by £100 to £750, according to its new budget and financial plans published today.

The Financial Ombudsman Scheme is planning to cut 150 jobs, including management positions, due mainly to a rapid decline in PPI work follow the ending of PPI claims to the Ombudsman.

Financial advice firm Professional Financial Services (PFS) has been ordered by the Financial Ombudsman (FOS) to pay out after advising a client to invest in an unregulated collective investment scheme.