TAC gathers input for the preservation of retirement savings regulations

Niël Terblanché

In a significant move towards promoting transparency, accountability, and inclusivity, the Ministry of Finance and Public Enterprises has initiated a series of public consultations on proposed standards and regulations, including Regulation RF.R.5.10, known as the “Preservation of Retirement Savings Regulation.”
According to Dr Manfred Zamuee, the Chairperson of the Technical Advisory Committee (TAC), these regulations are intended to be issued under Chapter 5 of the Financial Institutions and Markets Act, Act No. 2 of 2021.

The first round of public consultations is slated to commence on November 13, 2023, and will kick off in the Kunene and Hardap Regions.

According to Zamuee, the initiative aligns with the Ministry’s commitment to involving citizens in the regulatory process, ensuring that the financial sector’s rules are robust, equitable, and conducive to the sector’s growth and stability.

To oversee the development of these regulations, the TAC on Standards and Regulations has been assembled.

The TAC is comprised of experts from the financial, labour, and pension sectors, and its primary mission is to ensure that financial institutions and markets are governed by rules that are fair, effective, and in the best interests of the nation.

One of the key responsibilities of the TAC is to solicit input and feedback from various stakeholders, with a particular emphasis on engaging the general public.

According to Zamuee, this inclusive approach is aimed at fostering regulations that cater to the diverse needs and perspectives of the Namibian population.

“The public consultations are designed to be accessible to everyone, with a focus on inclusivity and diversity. We want every Namibian to have a say in shaping these regulations, as they will have a significant impact on our financial landscape,” Zamuee said.

He indicated that details about the schedule and locations of the public consultations will be widely communicated through various media channels.

“The Ministry encourages all interested parties, including citizens, financial industry stakeholders, and experts, to participate actively in these consultations,” he said.

The launch of these public consultations marks a significant step towards ensuring that the financial sector in Namibia operates in a manner that reflects the values of transparency and inclusivity, allowing citizens to contribute to the development of regulations that affect their financial well-being and the stability of the nation’s financial institutions and markets.

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