Regulatory Alerts2023-02-07
Added · Updated
Draft Proposed Standards Under the Financial Institutions and Markets Act, 2021
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has published draft proposed standards under the Financial Institutions and Markets Act, 2021, to establish comprehensive consumer protection rules for financial institutions and intermediaries. These standards mandate the implementation of seven Treating Consumers Fairly outcomes, requiring entities to adopt written policies that ensure fair corporate culture, appropriate service design, clear information disclosure, proper advice, promised performance, accessible post-sale mechanisms, and robust privacy protections. All regulated entities must submit written representations using the provided template within thirty days of publication to influence whether the standards are finalized in their original or modified form.