Regulatory Alerts2024-10-11
Added · Updated
Standard No. GEN.S.10.21 on Treating Customers Fairly: Industry Comment Breakdown
The Namibia Financial Institutions Supervision Authority (NAMFISA) issued Standard No. GEN.S.10.21 to mandate fair treatment of customers across all licensed financial institutions and intermediaries, incorporating extensive industry feedback. The revised standard requires entities to maintain a dedicated written TCF policy that covers defined outcomes, ensures proper financial advice, and applies principle-based conduct rather than rigid rules. Furthermore, it clarifies that the framework standardizes customer terminology, applies prospectively to existing products while mandating cultural shifts, and extends compliance obligations throughout the entire retail financial supply chain.
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