FOS is also consulting on whether case fees should be differentiated based on complaint outcome.

Liam will chair the board until a permanent appointment is made, after the initial recruitment campaign proved unsuccessful.

The FCA says the reforms will prevent compensation delays and provide predictability needed for innovation.

UK Finance echoed sentiments from a recent House of Lords report that FOS is "acting as a quasi-regulator".

57% of mis-selling and suitability complaints were upheld.

The Ombudsman says the move aims to encourage professional representatives to submit better-evidenced complaints.