He will succeed Baroness Zahida Manzoor CBE, who is stepping down after two terms in the post.
The regulator said he will serve as chair until a permanent appointment is made, adding that the “initial recruitment campaign proved unsuccessful”.
Coleman is currently the chair of Great Western Hospitals NHS Foundation Trust and London and Quadrant Housing Trust, and is the interim chair of Royal United Hospitals Bath NHS Foundation Trust.
Formerly, he was the CEO of The Co-operative Bank, the deputy group treasurer and group head of capital management at RBS and the group director of treasury at Nationwide Building Society.
The FCA said that it, along with the FOS, is “currently seeking to modernise the financial services redress system to help prevent delays to compensation”.
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Consequently, the FOS is planning to consult later this summer on different levels of case fees for financial firms to “make the system fairer and support early resolution”.
The latest figures show that the FOS received 305,726 complaints in 2024-25, the highest for six years.
Ashley Alder, chair of the FCA, said: “I am delighted that someone with Liam’s depth of experience will lead the Financial Ombudsman’s board during what is a pivotal time for the organisation.
“I want to thank Baroness Manzoor for all she’s done to steer an ambitious improvement programme at the ombudsman over the last six years.”
Coleman added: “I am honoured to take on the role of interim chair at the FOS. It plays a vital role in upholding fairness and trust in the financial system.
“I look forward to working closely with the board, executive team, and our wider stakeholders – including the Treasury and the FCA.”
