New deputy FAIS Ombud hopes to attract more black women

Since women are credited with the larger share of decision-making on household spending, FAIS Deputy Ombud Noluntu Bam believes her appointment this week will get more female consumers to recognise the important function of the Ombud for Financial Service

Ms Bam sees her second-in-command role to Charles Pillai, the Ombud for Financial Services Providers, as a strong indication of a realisation that transformation - both in terms of race and gender - has been long overdue in the financial services industry.

"A paramount challenge facing the financial services sector is the need for it to quickly change from being racially-exclusive and male-dominated.

"There is a need for more women - especially black women - to be given significant roles within this industry. I see my appointment as some evidence that the Government is serious about transformation in the financial services industry.

"Also my new position can only help more women to take greater notice of the Office of the Ombud for Financial Advisory and Intermediary Services and become familiar with its role within the financial services industry," said Ms Bam.

The bubbly mother of two grew up in the former Transkei (Now Eastern Cape) where her formal schooling started in the dusty streets of Umtata. After matriculating at Umtata Techinical and Commercial College, she got her opportunity to interact with consumers when she worked as a teller at Umtata General Post Office and later worked for a bank as a data processing clerk.

Intent on pursuing a legal career, Ms Bam enrolled at the University of Transkei where she obtained a B.Proc degree, passing with distinction in Accounting for Attorneys and Special Latin. In 1997 she was awarded the LLB degree from the University of Natal. She was admitted as an attorney in 1998.

By studying part-time, she attained the LLM degree through Unisa, specializing in Income Tax Law, and obtained a Diploma in Financial Planning (CFP) through the University of Free State.

After working as an attorney for three years with Charles Pillai in a law practice in Durban, she worked as a legal advisor at two financial services institutions, a stint that was to later prove most useful.

Ms Bam also lectured part-time at the University of Natals School for Legal Practice in Insolvency Law and Commercial Litigation.

When Mr Pillai was appointed FAIS Ombud and was charged with starting the office from scratch, Ms Bam was among his hand-picked inaugural team tasked with delivering the twin objectives of the FAIS Act, viz. consumer protection and upholding the integrity of the financial services industry.

As Assistant Ombud, Ms Bam handled complaints from the stage of assessment to mediation to resolution and drafting of determinations for final approval by the FAIS Ombud.

While Ms Bam is "humbled" by her new role, she is also excited that by overseeing the affairs of the office, she would be helping free up Mr Pillai to spend more time publicly positioning the Office of the FAIS Ombud.

"Also, by not getting involved in the mundane day-to-day administration of the office, Mr Pillai can spend more time in the strategic development of the FAIS Ombud as an important institution in the constitutional landscape of our country," she said.