By Emma Kakololo
WINDHOEK
The community organisation, Workers Advice Centre (WAC), has questioned the Namibia Financial Institutions Supervisory Authority’s (Namfisa) ability to fulfil its core mandate of regulating non-bank financial institutions.
The WAC issued a statement recently in which it takes Namfisa to task for a wide range of alleged shortcomings.
Namfisa, says the Centre, has failed to put procedures and processes in place to protect and guard public interests under its jurisdiction, and instead ventured into projects that will never address its alleged “incompetence”.
“The past week was characterised by full-page advertisements of Namfisa modelling its Chief Executive Officer and reproducing the Pension Fund Act.
“From the adverts, it appears as though Namfisa is prone to start, and restart, projects and public campaigns that never address the serious nature of the challenges facing it,” WAC said.
One of the fields in which Namfisa has failed, according to the Worker Advice Centre is the insurance industry, which is allegedly “robbing” Namibians of their money.
“A disturbing feature of this multi-million-dollar industry is the significant number of cases in which unscrupulous insurance companies have defrauded members of the public.”
For example, the Master Adaptor Retirement Annuity Plan makes provision for an increase of 2.25 percent more than the amount otherwise payable at death or retirement of the insured person.
However, so far none of the 2ǟ