Regulatory Alerts2024-10-11
Added · Updated
NAMFISA Standard GEN.S.10.21 on Fair Treatment of Customers and Market Conduct
NAMFISA requires all registered financial institutions and intermediaries to implement a board-approved fair treatment policy covering seven mandated outcomes. The standard obligates these entities to embed customer-centric corporate cultures, design and distribute services aligned with client needs, deliver clear plain-language disclosures and suitable financial advice, ensure promised performance, eliminate post-sale barriers through responsive complaint mechanisms, and safeguard customer data privacy. By enforcing these operational requirements, the regulation guarantees transparent pricing, accessible dispute resolution, and strict recordkeeping throughout the financial service lifecycle.
Topics
Share