The Namibia Financial Institutions Supervisory Authority (NAMFISA) is calling for the registration of all administrators of pension and medical aid funds and friendly societies, in accordance with the Financial Institutions and Market Act (FIMA) which came into effect on 1 May.
NAMFISA said this aligns with Section 364 of FIMA, which states that no person may operate as a fund administrator or society administrator without registration in the country, pursuant to section 368 of FIMA or deemed to be registered under section 369 of FIMA.
Despite this deemed registration, NAMFISA noted that such persons are still required to apply for registration no later than 12 months after commencement date of FIMA. Failure to apply for registration during the prescribed period may result in regulatory action and other consequences.
According to NAMFISA, only a company may apply for registration as a fund administrator, while an individual or any other entity register as a society administrator. Applications must be submitted electronically on the NAMFISA Electronic Reporting System. Administrators are encouraged to submit their applications timeously to allow sufficient time for review and engagement on any outstanding information or documentation requirements.
NAMFISA urged pension fund, medical aid funds, friendly societies and the public to verify registration of fund or society administrator before conducting business. Verification can be done by contacting NAMFISA on the toll-free number 0800290500 or visiting its website.
NAMFISA emphasised the importance of verification, since it may be limited in its ability to provide regulatory recourse or assistance in instances where financial loss, prejudice, or damage arises from dealings with persons or entities that are not authorised to conduct fund or society administration business in the country.
