Regulatory Alerts2024-10-11
Added · Updated
Standard GEN.S.10-21 on Treating Customers Fairly – Industry Comments Breakdown
NAMFISA issued Standard GEN.S.10-21 to mandate fair treatment practices across all Namibian financial institutions and intermediaries, consolidating terminology under "customer" and clarifying its non-retrospective application to closed-book products. The standard requires every registered entity to maintain a dedicated written Treating Customers Fairly policy that explicitly addresses seven core outcomes, including proper financial advice and acceptable service delivery. Industry feedback prompted amendments to align the standard with FIM Act provisions, remove duplicated clauses, and establish a risk-based supervisory framework that evaluates implementation without mandating separate reporting.
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