New Fais Ombud appointed, replacing Noluntu Bam

The Financial Services Conduct Authority (FSCA – formerly the Financial Services Board) announced on Thursday that former Assistant Ombudsman for short-term insurance Naresh Tulsie will be the new Ombud for Financial Advisory and Intermediary Services (Fais) from next month.

Tulsie will step into the position from May 1 2018, taking over from the current Ombud, Noluntu Bam. Bam has served as the Fais Ombud since 2010.

“As the Fais Ombud, Mr Tulsie will be responsible for promoting consumer protection and fostering the integrity of the financial services industry by resolving complaints in a manner that is impartial, expeditious, economical, accessible and, at all times, equitable,” the FSCA noted.\

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Tulsie served as the Assistant Ombudsman for short-term insurance between 2000 and 2007. Since 2013 he has worked at Nedbank Insurance, initially as the head of compliance, before taking over the role as head of legal.

He therefore comes with experience both within the industry and as an ombudsman. This could be critical for an office that has faced a fair amount of criticism from both the industry and from consumers who have been frustrated by the slow pace of its decision making and its unwillingness to deal with complex matters.

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