Naresh Tulsie appointed the new FAIS Ombudsman

April 26, 2018

Naresh Suresh Tulsie has been appointed as the new Ombud for Financial Advisory and Intermediary Services (FAIS) effective 1 May 2018.

 

Mr Tulsie will be taking over from Ms Noluntu Bam, who has been with the FAIS Ombud since 2003 and assumed responsibility as Ombud since 2010. Ms Bam’s contract with the Board ends on 30 April 2018. Having completed two terms in office and ready to leave in 2016, Ms Bam remained in office in terms of an agreement with the Board until a suitable successor had been identified.

 

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.

 

Mr Tulsie practiced as an attorney of law, rights of appearance in the South African High Court. He joined the Short-term Ombudsman as Assistant Ombudsman from 2000 to 2007. He also served as an Internal Ombudsman and Media Relations Officer for the Badger Group. In 2013, he was appointed as the Head of Compliance for Nedbank Insurance then subsequently to that he occupied the role of Manager: Legal for Nedbank Insurance. He acted as a custodian for all legal matters, he also advised on impending legislation including the Financial Sector Regulation (FSR) Act, Financial Intelligence Centre Act (FICA), Insurance Bill and the Conduct of Financial Institutions Bill (COFI).

 

He holds a Bcom Law degree, a LLB and a LLM in Insurance.

 

The Office of the Ombud for Financial Services Providers (FAIS Ombud) was established in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002 (‘FAIS Act’). The FAIS Ombud’s objective is to consider and dispose of complaints by clients against financial services providers. The process is procedurally fair, informal, economical and expeditious and its foundation is equitable in all circumstances.

 

ENDS

 

Enquiries:

Ms Thobeka Jojozi

Financial Sector Conduct Authority

Email address: Thobeka.Jojozi@fsca.co.za

Telephone: 012 422 2823

 

Mr Thandolwethu Masango

Financial Sector Conduct Authority

Email address: Thandolwethu.Masango@fsca.co.za

Telephone: 012 422 2937

 

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