{"id":45811,"date":"2023-05-28T17:19:34","date_gmt":"2023-05-28T17:19:34","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima"},"modified":"2023-05-28T18:45:56","modified_gmt":"2023-05-28T18:45:56","slug":"namfisa-wants-pension-clause-separated-from-fima","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima","title":{"rendered":"Namfisa wants pension clause separated from Fima"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Namibia Financial Institutions Supervisory Authority (Namfisa) has called for the separation of a controversial pension preservation clause from the Financial Institutions and Markets Act (Fima).<\/p>\n

The regulatory authority\u2019s chief executive officer (CEO), Simataa Matomola, concluded the Fima consultative and oversight workshop on Wednesday at Swakopmund, with his belief that distinct efforts should be focused on preservation regulations.<\/p>\n

According to him, this separation would allow each set of regulations to be independently addressed and refined, enabling a more effective execution and implementation of Fima, while simultaneously allowing the preservation regulation to be comprehensively reworked.<\/p>\n

He said the preservation regulation is a part of Fima, and allows the minister of finance and public enterprises to issue a directive aimed at preserving certain aspects of financial institutions or markets.<\/p>\n

However, separating this from Fima would enable the minister to act with a degree of autonomy, while also ensuring that the implementation of Fima is not delayed or complicated by matters specifically related to the preservation regulation.<\/p>\n

\u201cThe Fima and the Namfisa acts have made provision for smooth implementation of the legislation, as it allows the minister of finance and public enterprises to exempt certain provisions that may not work in the interest of financial institutions or the consumer,\u201d he said.<\/p>\n

The CEO said separating the preservation regulation from Fima would create space to focus on implementation challenges that may arise.<\/p>\n

Additionally, it will provide a clearer path towards other critical objectives, such as financial markets deepening, financial inclusion and promoting financial literacy and education.<\/p>\n

Addressing concerns of the financial industry related to uncertainty surrounding the Fima\u2019s implementation, Matomola expressed a commitment to ensure a smooth transition.<\/p>\n

He urged the standing committee to support the process, pointing out the substantial costs financial institutions have already incurred in preparation of the Fima and Namfisa acts.<\/p>\n

Matomola stressed the importance of progress and adaptability, saying: \u201cLet us move forward together to ensure that governance has improved, financial deepening has taken place, financial inclusion is promoted and localisation took place, and we are able to offer opportunities to our young people through digital transformation and access.\u201d<\/p>\n

Also speaking at the closing of the workshop, parliamentary standing committee on economics and public administration member Bertha Dinyando expressed the committee\u2019s commitment to rigorous oversight and legislative development.<\/p>\n

\u201cIt is customary that after each engagement, the committee is expected to compile a report and table it before the house for discussion and consideration, and that is the next step for us from here,\u201d said Dinyando.<\/p>\n

The workshop was part of an ongoing series of stakeholder consultations focusing on the retirement fund industry, and, specifically, sections of Fima concerning the preservation of pensions.<\/p>\n

These sessions were triggered by a significant public outcry demanding legislative reform.<\/p>\n

\u201cThe task is now left with us, the parliamentarians, as lawmakers and Namfisa, as the regulatory body and adviser to the minister of finance to ensure that the recommendations of this workshop are shared with the ministry and that the recommendations are implemented,\u201d Dinyando said.<\/p>\n

She emphasised the committee\u2019s duty to serve citizens by implementing laws that respond to their needs and aspirations. The pension preservation clause, which mandates that members retain 75% of their minimum withdrawal benefit until they reach 55 years of age, has become the subject of much public debate.<\/p>\n

The Fima was supposed to come into effect on 1 October last year, but due to the public outcry, Namfisa announced the law\u2019s enforcement would be postponed.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The Namibia Financial Institutions Supervisory Authority (Namfisa) has called for the separation of a controversial pension preservation clause from the Financial Institutions and Markets Act (Fima). The regulatory authority\u2019s chief executive officer (CEO), Simataa Matomola, concluded the Fima consultative and oversight workshop on Wednesday at Swakopmund, with his belief that distinct efforts […]<\/p>\n","protected":false},"author":84,"featured_media":45810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-45811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamfisa wants pension clause separated from Fima - Namibia<\/title>\n<meta name=\"description\" content=\"The Namibia Financial Institutions Supervisory Authority (Namfisa) has called for the separation of a controversial pens ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namfisa wants pension clause separated from Fima\" \/>\n<meta property=\"og:description\" content=\"The Namibia Financial Institutions Supervisory Authority (Namfisa) has called for the separation of a controversial pens ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-28T17:19:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-28T18:45:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/05\/sm_1685286766.321483.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"751\" \/>\n\t<meta property=\"og:image:height\" content=\"451\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namfisa wants pension clause separated from Fima\",\"datePublished\":\"2023-05-28T17:19:34+00:00\",\"dateModified\":\"2023-05-28T18:45:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima\"},\"wordCount\":596,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/05\/sm_1685286766.321483.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-wants-pension-clause-separated-from-fima\",\"name\":\"Namfisa wants pension clause separated from Fima - 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