The Financial Ombudsman Service (FOS) Chief Ombudsman Colin Neave is stepping down from the top job, electing not to be reappointed for another two-year term.

Shane Tregillis, a commissioner at the Australian Securities and Investments Commission (ASIC), will take over the role.

Announcing the appointment today, FOS Chairman Michael Lavarch said Mr Tregillis will bring a detailed knowledge of Australia’s financial services sector to the service as it responds to post-global financial crisis demands and general insurance issues brought on by the Queensland and Victorian floods crisis.

A FOS spokesman told insuranceNEWS.com.au that although Mr Neave has been with the dispute resolution service for more than 10 years in the banking sector and two years as Chief Ombudsman, he has not sought reappointment.

Mr Neave said in a statement that he has “had dealings with Shane over the years and know that he will make a significant contribution to the affairs of FOS”.

Mr Tregillis will take over the position from September 12. He was a member of ASIC’s national executive between 1995 and 2001, before becoming the Deputy MD of Market Conduct at the Monetary Authority of Singapore.

He rejoined ASIC as a commissioner in May last year.