Hertta-Maria Amutenja
The Financial Institutions and Markets Act of 2021 (FIMA) Technical Committee will be officially inaugurated by Finance Minister Iipumbu Shiimi next week.
Wilson Shikoto, the Finance Ministry’s Spokesperson announced that Shiimi referred the Act, which has been experiencing issues with the preservation of retirement benefits, to a technical committee last year.
“The Minister will inaugurate the technical committee for consultation. The committee is going to consult on the standard and regulations of FIMA. When people were concerned with the FIMA regulations last year, it was then suspended to allow enough time for consultations,” Shikoto said.
The committee will spearhead the consultations before the implementation of the Act.
The proposed law requires compulsory 75 percent preservation of retirement benefits for people who withdraw from their retirement funds before the prescribed early retirement age of 55 years.
Shiimi appointed a 19-member Technical Committee.
Social Activist Job Amupanda, who campaigned fiercely against the FIMA was also appointed to serve on the committee before he resigned. He resigned from the FIMA technical committee, citing undue pressure from Shiimi who appointed him to the committee.
The committee consists of Lovisa Indongo-Namandje from the Namibia Financial Institutions Supervisory Authority(NAMFISA) and Dickson Matengu also from NAMFISA, Erwin Naimhwaka and Jason Kandume from the Bank of Namibia, Justus Mwafongwe, Festus Nghifenwa, Immanuel Nashivela and Seppo Shigwele from Ministry of Finance, Maria Nakale representing the Retirement Fund Institute of Namibia( RFIN), as well as Vonkie Olivier and Immanuel Atanasiu, nominated by the University of Namibia and University of Science and Technology, respectively.
Other members include Mahongora Kavihuhua, Zocks Nghikundwavali, Errikie Shitana and John Nakuta all nominated by the Trade Union Congress of Namibia, as well as Petrus Nevonga of the National Union of Namibian Workers, Joseph Garoeb and John Paporo representing the Namibia National Labour Organisation.
The proposed FIMA legislation is expected to replace the existing legislation for non-banking institutions regulated by NAMFISA as well as governing retirement and medical aid funds and their administrators, short- and long-term insurers, collective investment schemes, and asset managers.
The FIMA Act was expected to take effect on 1 October 2022 before the postponement.
