New PFA + Fais Ombud

Ms Noluntu Bam

Finance Minister Pravin Gordhan has approved the recommendation of the Financial Services Board (FSB) on the appointment of Mr Charles Pillai as Pension Fund Adjudicator (PFA). Mr Pillai, currently serving as Financial Advisory and Intermediary Services (FAIS) Ombud, will assume this post on 1 April 2010. He will take over from the Acting PFA Dr Elmarie De la Rey.

The board of the FSB has also appointed Ms Noluntu Bam to succeed Mr Pillai as FAIS Ombud, effective from 1 March 2010. Ms Bam has served as deputy FAIS Ombud for the last six years.

Mr Pillai holds both an LLB and LLM degree. He was appointed as the country’s first FAIS Ombud in 2003, and has served in an exemplary manner. His dedication and commitment contributed significantly to building the office and upholding the objectives of consumer protection and the integrity of the financial services industry. He brings with him a sound understanding of the work of the PFA and the industry. The Ministry of Finance welcomes him to this new position and looks forward to the enthusiasm and leadership he is expected to bring.

The Finance Ministry would also like to thank Dr De la Rey for her hard work and commitment during her tenure as acting PFA, where she ensured the continued smooth and effective operation of the office.