Namibia Financial Institutions Supervisory Authority publishes cross-sector standards on governance, conduct and outsourcing

The Namibia Financial Institutions Supervisory Authority has published a government gazette containing preliminary and general standards under the Financial Institutions and Markets Act, 2021. The package, which took effect on April 30, 2026, establishes cross-sector requirements for financial institutions and intermediaries covering fitness and propriety, independence, conduct, fiduciary duties, customer treatment, outsourcing, institutional investment and regulatory applications. The standards require ongoing fit-and-proper assessments of entities and key persons, board-approved policies on fitness and propriety, conflicts, conduct and fair customer treatment, and prescribed qualification and experience thresholds. They also set 30-calendar-day notification periods for appointments and terminations of auditors, valuators and principal officers. Firms may not outsource principal business functions, must notify NAMFISA within 30 business days of specified outsourcing developments and need prior written approval for offshoring. Other provisions address investment policies and mandates, payment of fund, friendly society and medical aid contributions within seven calendar days of becoming due, annual registration renewals, business transfers and amalgamations, application fees and penalties of up to 2% of prior-year business revenue for specified breaches. Existing outsourcing arrangements have a 12-month transitional period from the standards’ effective date and must comply after that period expires.