Schlettwein tables Office of Financial Services Adjudicator Bill
26 Jun 2019 16:00pm
WINDHOEK, 26 JUN (NAMPA) - Finance Minister Calle Schlettwein on Tuesday tabled a Bill for the establishment of the Office of the Financial Services Adjudicator in the National Assembly.
In his motivation speech while tabling the Bill, Schlettwein told fellow parliamentarians that the primary function of the Office of the Financial Services Adjudicator is to provide an effective recourse for all people and other users of financial services who are unable to approach the courts in the country due to financial constraints and is aimed at helping move Namibia closer to financial inclusion for all.
The Finance Minister stressed that the proposed draft legislation will considerably enhance the credibility of the country's financial services industry and will also strengthen the Namibian Government's powers to enforce compliance with the operational requirements and fair conduct.
The Office of the Financial Services Adjudicator will lighten the burden on the court system of Namibia, which will boost the confidence of consumers of financial services. It is a common trend and best practice in other countries to make the provision for a specialised office of this nature, and it has proven to be essential and effective from the best regional and global experience, the minister noted.
According to Schlettwein, the proposed establishment of the Office of the Financial Services Adjudicator is embedded in the policy aspirations of the Namibia Financial Sector strategy, which states that Namibia shall have and implement a consumer protection legal framework in the financial sector, which will ensure transparency and disclosure as well as consumer complaints and redress mechanisms.
Finally, Schlettwein strongly appealed to his fellow legislators to fully acquaint themselves with the sections of the entire Bill and support the passing of the legislation.