Regulatory Alerts2024-10-11
Added · Updated
Fair Treatment of Customers and Market Conduct Principles (GEN.S.10.21)
Issued by the Namibian Financial Sector Conduct Authority (NAMFISA), this standard requires all registered financial institutions and intermediaries to establish a board-approved written policy ensuring the fair treatment of customers. The mandate covers seven core outcomes, including fostering a fair treatment culture, designing appropriate services, providing clear information and proper advice, ensuring products perform as promised, eliminating post-sale barriers, and protecting data privacy. Financial entities must operationalize these principles through transparent communications, accessible complaint mechanisms, and targeted staff training to guarantee ongoing compliance with the Financial Institutions and Markets Act.