Geingob signs FIM Bill into act of parliament
The Financial Institutions and Markets (FIM) Bill has officially been signed by the President Dr Hage Geingob, and awaits to be gazetted and become a law, the Namibia Financial Institutions Supervisory Authority announced this week.
Once it is published in the Government Gazette, NAMFISA will commence formal consultations with the industry on the standards. The FIM Bill (or now FIM Act) sets out new compliance requirements to consolidate and harmonise the laws regulating financial institutions, financial intermediaries and financial markets in Namibia.
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.
“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 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 It further repeals the outdated Pension Funds Act of 1956 and invites for more innovation in pension and retirement funding among other benefits,” NAMFISA Chief Executive, Kenneth Matomola said.