Consumer protection an important pillar of regulation

The Namibia Financial Institutions Supervisory Authority (NAMFISA) Deputy CEO for Prudential Supervision, Erna Motinga, presented at the Organisation for Economic Co-operation and Development (OECD) and International Organization for Pension Supervisors (IOPS) Global Forum on private pensions, in Bratislava, Slovak Republic on consumer protection.Sharing the Namibian consumer protection experience at the OECD, Motinga said that consumer protection is an important pillar of regulation and supervision because of imperfect information, low financial literacy, unfair business practices and consumer behaviour. These, she said lead to consumers not being adequately protected.Motinga shared the main drivers of complaints in the Namibian pensions’ space and said that there seems to be an equal split in terms of resolution decisions between the Pension Funds and the complainants. She attributed the equal split to limited financial literacy levels, leading to information asymmetries, and consumer education initiatives.She highlighted the need for Treating Customers Fairly (TCF) Framework that will be introduced under the Financial Institutions and Markets Act 2021 (Act No. 2 of 2021) (FIMA), in the form of a market conduct standard, as a way of improving the market conduct of market participants or regulated entities in the interest of the consumers.According Motinga, this standard has seven desired outcomes, namely: fair treatment culture; appropriate product design and distribution of products and services; provision of clear and relevant information; provision of proper advice; product and services performing as promised at an acceptable standard; absence of unreasonable post sale barriers; and Protection of consumer privacy and information.The Authority effectively participated in the Global Forum on Private Pensions which was jointly organised by the OECD, the International Organisation of Pension Supervisors (IOPS) and gathered high-level officials from regulatory and supervisory authorities, leading experts from pension fund industry and research institutes. Discussions focused on pension reforms, pension funds sustainable investments: policy and supervisory issues, designing defined contribution pension plans using the OECD roadmap, ways to set-up and supervise employer-sponsored pension arrangements and how to develop capital markets along with newly created pension funds.

Consumer protection an important pillar of regulation

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Republikein 2025-08-29

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Consumer protection an important pillar of regulation

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