Noluntu Bam is new Financial Services ombudsman

Noluntu Bam has been appointed by the Financial Services Board to take over from Charles Pillai as the Financial Advisory and Intermediary Services (FAIS) Ombud.

In a statement, the office of the Ombud said Pillai had been appointed by Finance Minister Pravin Gordhan as Pension Funds Adjudicator.

For the past three years Bam was Deputy Ombud, “responsible for many of the decisions that set the tone and direction of the institution that is already firmly established within the financial services sector,” the statement added.

Bam said she was mindful of the fact that a lot more needed to be done.

“In the short time that the office has been in existence, my belief is that we have only scratched the surface,” she added.

She said many South Africans were still unaware of the existence of the FAIS Ombud.

Bam added that she was “humbled” by the appointment and thanked the Board of the FSB for its confidence in her ability.

“I am thankful for having a formidable team of professionals who are committed to the cause of protecting consumers and strengthening the integrity of the financial services industry,” she said.

Bam is a qualified lawyer and holds B Proc, LLB and LLM degrees with specialisation in Income Tax Law.

Source: Sowetan