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 guidelines for treating consumers fairly. These standards mandate that all registered financial institutions and intermediaries implement written fair-treatment policies, ensure clear product design and disclosure, provide competent advice, maintain performance standards, remove post-sale barriers, and protect consumer data. Stakeholders are invited to submit written representations using the prescribed template within thirty days of publication, with feedback directly influencing whether NAMFISA issues the standards in their original or modified form.