SUMMARY OF INFORMATION, PLANS AND BUDGET FOR THE OFFICE OF THE FAIS OMBUD
Mr Pillai holds a B.A., B.Proc., LLB and LLM (in Constimtional and Administrative Law). He was a lawyer in private practice for 20 years, before accepting a position as lawyer and director of the Legal Resources Centre, a public interest law firm in Pretoria, before accepting the position as the Ombud;
M/s Mpho Koloko, holds a certificate in business management. She worked in several organisations as legal secretary until her appointment as the personal assistant to the FAIS Ombud. She is currently studying toward an LLB degree through the University of South Africa;
M/s Noluntu Nelissa Bam, holds a B.Proc, LLB. LLM (in Income Tax Law) and has a post-graduate diploma in Certified Financial Planning. She worked a lawyer in private practice, before joining the industry as a legal advisor at Old Mutual and subsequently Liberty Life, before accepting the position of Assistant Ombud;
Mr Michael Gcwabaza, holds a B.Com. (Acc.) degree and served his articles with auditing firm, Coopers and Lybrand, before embarking on a career with speciality in financial management and accounting, in several state and private institutions before joining the office as its general manager;
M/s Nomvula Mtolo, holds a B. Social Science degree with specialisation in Industrial Relations and is currently studying towards a post graduate diploma in Industrial Relations. She has worked in the industry as a marketing consultant for Charter Life, before joining the office as a complaints assessor;
Mr Tshepo Tshabalala holds a B. Juris degree and has worked as a financial consultant at Standard Bank of South Africa before joining the office as an Investigator;
M/s Kim Khutswana holds a B. Admin degree and has worked as an administrator of employee benefits at Momentum and Liberty Life, before joining the office as its receptionist;
M's Yvonne Nana Shill is the general assistant and driver/messenger of the office;
M's Jabhile Mbele holds a B.Com (Honours) degree and Certificate in the Money Laundering Control Act as well as a Senior Education Diploma. She will be joining the office on 1 November 2004 and currently works at the Financial Services Board as a financial analyst in the FAIS Department. She will be the internal advisor/assessor in the officer.
CUSTOMER CONTACT DIVISION
In addition to the staff currently employed at the FAIS Ombud, the customer contact division of the FAIS Ombud, which is a contracted out service, employs the equivalent of two people out of a staff complement of six.
STAFFING PLANS FOR 2005/2006
The staffing plans of the office have been quite conservative and have, thus far been implemented on the basis of need, rather than simply employing for the sake of filling vacant positions. This approach will continue.
One of the key factors that will determine the number and levels of staff to be employed in the office is the influx of complaints and the substance thereof. The inflow of complaints at this stage, considering that the office only recently became empowered to accept complaints for consideration and resolution, has been brisk.
However, the majority of the complaints received thus far relate to financial services rendered prior to 30 September 2004 ("the s 7 date"), which means that such complaints are not justiciable before the FAIS Ombud. It is anticipated that most justiciable complaints will only start filtering into the office in the new calendar year. This assertion also takes into account the rule that the client must first complain to the financial services provider concerned, who has a period of six weeks to resolve the complaint, before approaching the FAIS Ombud. It is also anticipated that in the short term, most justiciable complaints, will relate to matters involving indemnity insurance rather than investments and long term products, where problems tend to manifest themselves after a few years.
It is envisaged that with the rapid growth of the office the need to appoint a Deputy Ombud may become necessary in the new financial year.
There will also become a need for the following further staff in the 2005/2006 financial year:
The staffing requirements mentioned above have been provided for in the 2005/2006 budget.
PUBLIC AWARENESS
Section 32 of the FAIS Act provides that steps conducive to client education and promotion of
awareness of the nature and availability of the FAIS Ombud have to be undertaken by the registrar of the Financial Services Board. In this respect the FAIS Ombud has made numerous public appearances in the electronic media and the office has conducted consumer awareness presentations to the various provincial consumer affairs bodies. The consumer education department of the Financial Services Board is also creating awareness of the office through its financial services consumer education campaign, a programme that was launched in July 2004.
In addition the FAIS Ombud has conducted numerous presentations to the industry on the role and function of the office in the process of complaints resolution.
The office is sensitive to the need to educate consumers, in particular those who have been marginalised as a result of our legacy, and will, within available resources, disseminate information on the availability of and services offered by the office.
ANNUAL REPORT
The FAIS Ombud has, in terms of Section 30 (1) of the FAIS Act, submitted a report on the affairs and functions of the office for the period ending 31 March 2004, which report also contains the annual financial statements of the office, duly approved by the Auditor-General. A copy of the said report is attached.
BUDGET
Attached is the 3 year budget of the office as presented to the Board and approved by the latter.
Charles Pillai