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Financial Institutions Authority trained to enhance supervision and service delivery

Financial Institutions Authority trained to enhance supervision and service delivery

Namibia Financial Institutions Supervision Authority (NAMFISA), in association with Canada’s Toronto Centre conducted a training and development programme in Windhoek on market conduct supervision.

The four-day training and development programme was attended by thirty-one staff members to build capacity for effective and efficient supervision and to improve service delivery.

The areas covered during the intensive training sessions include: Market conduct supervisory challenges; typical issues and challenges of market conduct supervision; market conduct supervision framework; consumer complaints handling; conflicts of interest; licensing; risk based supervision and market conduct; on-site and off-site examination and monitoring; thematic surveillance; enforcements and institutional arrangements, internal organisations and procedures.

“In our pursuit to proactively develops our people, NAMFISA is proud to say that we are moving to achieve two of our objectives, which are to improve knowledge and skills, and improve consumer protection,” said the Deputy CEO of Market Conduct and Operations, Boni Paulino.

Paulino added that consumer protection remains key for the next financial year, as there will be a special focus on market conduct complaints and maintaining the high rate of resolving complaints.

According to him the authority will focus on monitoring progress of the implementation of the recommendations made from the on-site inspections conducted in the 2017/2018 financial year and determine if there is a need for enforcement referrals.

The authority will also continue with a “Back to Basics” project whereby institutions are classified in different stages as per the NAMFISA Ladder of Supervisory Intervention, and address the malpractices through targeted remedial interventions.

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