Regulatory Alerts2026-07-13
Added
GEN.S.10.2 Fit & Proper Requirements – Standards Industry Comments Template
NAMFISA addresses industry feedback on the GEN.S.10.2 Fit and Proper Standard by clarifying that the Trustee Toolkit is a mandatory, free online training program for trustees of funds, friendly societies, and medical aid funds, with successful assessment required for appointment. The regulator confirms that Medical Aid Fund administrators are subject to Financial Intelligence Act obligations including due diligence and sanctions screening, and amends financial soundness criteria to allow applicants to demonstrate absence of wrongfulness regarding credit bureau listings. Additionally, NAMFISA establishes that fit and proper requirements apply to all key persons currently in office during a transitional period, requiring ongoing maintenance of competency standards assessed through supervisory processes.