Regulatory Alerts2023-02-07
Added · Updated
Draft Proposed Standards Under the Financial Institutions and Markets Act, 2021
The Namibia Financial Institutions Supervisory Authority (NAMFISA) issued draft proposed standards under the Financial Institutions and Markets Act, 2021 to mandate comprehensive consumer protection frameworks for all registered financial institutions and intermediaries. These standards require entities to implement seven core outcomes—fair treatment culture, appropriate service design, clear information disclosure, proper advice, promised performance, minimal post-sale barriers, and data privacy—through board-approved written policies and competent staff practices. Stakeholders may submit written representations within thirty days to inform NAMFISA’s final determination on issuing the standards in their original or modified form.