The South African Ombudsman for Financial Services Providers (FAIS) met with its Namibian counterpart, NAMFISA, and other financial service-providers in Windhoek on Thursday to share experiences and lessons learnt.
This is auspicious timing for Namibia, as its NAMFISA Amendment Bill is currently being considered. The Bill makes provision for the establishment of a similar Ombudsman’s office here. The FAIS Ombudsman acts in an independent, impartial and objective manner when dealing with investigations and complaints in the financial sector, said the South African ombudsman, Charles Pillay.
The services of the FAIS Ombudsman are not similar to those of a professional legal adviser, and are confined to the mediation, conciliation or determination of complaints.
The Namibian Financial Services Charter makes provision for a sectorial Ombudsman, but the charter is a voluntary initiative by the Namibian financial sector in order to transform itself.
“[Our] primary outcome is to have a consumer that is empowered with knowledge regarding their rights and responsibilities, as well as a comprehensive and practical institutional framework to support this, and to see that Namibian consumers of financial services are treated fairly,” said NAMFISA’s Ebben Kalondo.