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New FAIS Ombud: Advocate Nonkumbulo Tshombe

11 November 2019 FAIS Ombud

Nonku Tshombe is an admitted advocate of the High Court of South Africa – she has 27 years’ worth of experience, which includes practising as an advocate at the Pretoria Bar for more than 5 years. She is a graduate in law (BA Law & LLB), started her legal career specialising in Tax law both within (SARS) and outside (Deloittes and practice) government after which she moved on to financial services regulation in which she spent almost 10 years at the now Financial Sector Conduct Authority (FSCA), previously the Financial Services Board (FSB). Her other qualifications include a Higher Diploma in Tax Law and a certificate in Pension Funds Law.

Advocate Tshombe has experience in several fields of law, notably tax laws, regulation in financial services, the broader commercial laws, corporate governance and the constitutional and administrative laws of South Africa. She has held various senior managerial and Executive positions over a period of 18 years, has led various senior specialists and experts (in Deloittes, SARS and FSCA) providing strategic and operational legal advice to various levels of leadership.

In the area of non-executive oversight, Advocate Tshombe has served as a director in, inter alia, economic regulation (Regulating committee of ACSA & ATNS), rail transport (the then SARCC now PRASA), communications (SENTECH), trusteeship in the pension fund and education areas (GEPF & SASOL FOUNDATION TRUST).

With her extensive experience, most notably within the regulatory and Dispute Resolution areas, Advocate Tshombe is uniquely placed to further assist this Office in striving to provide a fair and efficient service ensuring that financial customers have access to and are able to use this affordable alternative dispute resolution process. Under her guidance, the FaisOmbud Office will continue to promote consumer protection and contribute to the integrity of the financial services industry by resolving complaints in a manner that is impartial, economical, accessible and, at all times, equitable.

Quick Polls

QUESTION

Financial behaviour experts suggest that today’s risk modelling methodologies ignore your client’s emotional ability / behavioural capacity. What are your thoughts on spicing up risk profiling tools to make allowance for your client’s financial behaviours

ANSWER

[a] Bring it on; my client’s make too many irrational financial decisions
[b] Existing risk profiling tools are adequate
[c] Risk profiling tools should be based on the model / rational client
[d] The perfect risk profiling tool is science fiction
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