FIM & NAMFISA ACTS GAZETTED: LEGISLATIVE REFORMS SEEKS TO BENEFIT INDUSTRY & CONSUMERS

NAMFISA’s Chief Executive Officer, Mr. Kenneth S. Matomola says, the Financial Institutions and Markets (FIM) and the NAMFISA Acts have officially been signed off by the Head of State and have been published in the Government Gazette.

Now that the FIM Act is published in the Government Gazette, the Authority will commence formal consultations with the industry on the regulations and standards, the Regulator says. Matomola explains that the two pieces of legislation consolidate and harmonise the laws regulating non- banking financial institutions and financial intermediaries, and financial markets in Namibia. These laws also aim to strengthen NAMFISA’s enforcement powers, and empower NAMFISA and the Minister of Finance to issue standards and regulations respectively that are consistent with FIM and NAMFISA Acts.

“Some of the regulatory transformations compels insurers to adopt plain language in all policies and avoids common conflicts or disputes among policy holders and financial services providers. The FIM Act seeks to widen the scope of unit trusts schemes by introducing different collective investment schemes. It further repeals the outdated Pension Funds Act of 1956 and promotes innovation in pension and retirement funding among other benefits.”

The FIM Act further seeks to foster soundness of financial institutions and financial intermediaries (i.e. brokers and agents); ensure fairness, efficiency and orderliness of the financial institutions and markets sector and the protection of consumers of financial services.

Key stakeholders will be informed on the latest developments at the appropriate platforms.