{"id":1066,"date":"2017-03-28T08:52:26","date_gmt":"2017-03-28T06:52:26","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?p=1066"},"modified":"2025-07-20T19:51:56","modified_gmt":"2025-07-20T17:51:56","slug":"focus-areas-complaints","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/focus-areas-complaints\/","title":{"rendered":"Focus Areas Complaints"},"content":{"rendered":"\t\t
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INTRODUCTION<\/h3><\/span><\/div>
NAMFISA\u2019s Complaints Department receives and handles a number of complaints on a daily basis. These complaints are dealt with according the normal complaints handling procedures in the Department. The following areas have been identified as requiring special attention focus by the consumers of financial services as they have featured in the complaints received during the preceding quarter. This section is therefore intended to advice consumers on how to handle financial matters and by so doing stay out of financial trouble.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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MICRO-LENDING AND CREDIT AGREEMENTS:<\/h3><\/span><\/div>
\u2022 Complainants must always give cancellation instructions in writing and ensure that they properly familiarise themselves with the terms of the contracts and determine under which circumstances they are entitled to cancel the contract.

\n\n\u2022 If a debtor takes out insurance to cover a debt, the debtor must ensure that they fully understand under which circumstances the insurer will pay out should they be unable to pay the loan back.

\n\n\u2022 We cannot instruct a lender to approve a loan. It is the prerogative of the lender to lend money to an individual or not.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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LONG-TERM INSURANCE:<\/h3><\/span><\/div>
\u2022 Complainants must always give cancellation instructions in writing and ensure that they properly familiarise themselves with the terms of the policies and determine under which circumstances and under what timeframes they are entitled to cancel policies.

\n\n\u2022 Furthermore, with regards to cancellations of policies, consumers must understand that there are also instances when an insurer can cancel a policy. Therefore, consumers must ensure they know whether such provisions apply to their policies and ensure they fully understand the applicable provisions.

\n\n\u2022 Consumers should take note of the waiting period with regard to some policies and they should understand that the mere fact that they have paid premiums equal to the waiting period does not necessarily mean the waiting period is over.

\n\n\u2022 The insurer pays out funeral cover if the insured has passed away and not necessarily the policyholder.

\n\n\u2022 If a consumer makes an investment and effects withdrawals in the interim, such withdrawals will be deducted when the actual benefit is to be paid out at maturity of the policy, etc.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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SHORT-TERM INSURANCE:<\/h3><\/span><\/div>
\u2022 Clients need to understand that they are obliged to peruse contracts before signing them and that they are insured for what they really want. Complainants must ensure they understand the terms and conditions relating to their policies to ensure they are fully aware of what they are covered for and that it is indeed what they intend to be covered for.

\n\n\u2022 They must also properly ensure that they fully understand the exclusions applicable to their policies.

\n\n\u2022 In terms of legal insurance claims, they must understand that there is usually a provision indicating that a claim can be repudiated should the insurer believe that the insured does not have reasonable prospect of success. However, the consumer is entitled to know on what basis the insurer has concluded that there is no reasonable prospect of success.

\n\n\u2022 Claims must be lodged in writing and within the required timeframe.

\n\n\u2022 In cases where the insured goes ahead and obtains his own quotation to have something repaired or replaced, the insurer will not necessarily be obliged to pay the amount in the quotation if not previously discussed or agreed upon with the insurer. This is so in cases where the insured obtains only one quote, which is of an amount deemed \u201cunreasonably<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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PENSION FUNDS:<\/h3><\/span><\/div>
\u2022 Consumers should take note that pension payouts take some time to be finalised and that tax directives must be obtained before payments can be effected.

\n\n\u2022 They must also be sensitised regarding the payment options available to them when they claim for their pension pay-outs.

\n\n\u2022 Further special focus should be placed on what steps consumers can take to ensure that their pension benefits are being processed should an employer<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Summary<\/h3><\/span><\/div>
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Consumer Complaints: What You Need to Know<\/h3><\/span><\/div>
NAMFISA\u2019s Complaints Department receives and processes a variety of complaints from consumers of non-banking financial services daily. To help the public avoid common pitfalls, we've compiled key advice from recent trends across sectors such as micro-lending, insurance, and pensions.\n

\n\nConsumers are urged to always read, understand, and keep a copy of their contracts or policies, and to provide all cancellation or claim instructions in writing.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Micro-lending & Credit Agreements<\/h5><\/div>
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  • <\/span>Cancellation: Must be done in writing. Understand the contract terms and when you\u2019re allowed to cancel.<\/li>
  • <\/span>Insurance cover for loans: Know when and how insurance kicks in to repay your debt.<\/li>
  • <\/span>Loan approval: NAMFISA cannot compel a lender to grant a loan \u2013 this is at the lender\u2019s discretion.<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Long-Term Insurance<\/h5><\/div>
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    • <\/span>Policy cancellations: Consumers and insurers can both cancel policies. Understand your cancellation rights and timelines.<\/li>
    • <\/span>Waiting periods: Paying premiums equal to the waiting period doesn\u2019t always mean you're immediately covered. Know when cover truly begins.<\/li>
    • <\/span>Payouts: Funeral claims are paid when the insured dies \u2013 not necessarily the policyholder.<\/li>
    • <\/span>Withdrawals: Interim withdrawals from an investment-linked policy reduce your final payout.<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Short-Term Insurance<\/h5><\/div>
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      • <\/span>Read before you sign: Ensure the policy covers what you need, and know what is excluded.<\/li>
      • <\/span>Legal cover: Insurers may reject a legal claim if they assess that you don\u2019t have a good chance of winning the case. They must, however, explain why.<\/li>
      • <\/span>Claims: Submit in writing and within the required time.<\/li>
      • <\/span>Quotes: If you seek your own quote for repairs or replacements without approval, the insurer might not reimburse the full amount \u2013 especially if it\u2019s considered unreasonably high or not agreed upon beforehand.<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        Pension Funds<\/h5><\/div>
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        • <\/span>Payout timelines: Pension claims take time. Tax clearance (directive) is required before payment.<\/li>
        • <\/span>Payment options: Understand the different methods available for receiving your payout.<\/li>
        • <\/span>Employer delays: If your former employer is delaying your benefit claim, follow up and escalate where necessary.<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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          <\/h5><\/div>
          Stay informed. Understanding your rights, responsibilities, and the fine print of your financial agreements can save you stress, time, and money.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

          INTRODUCTION NAMFISA\u2019s Complaints Department receives and handles a number of complaints on a daily basis. These complaints are dealt with according the normal complaints handling procedures in the Department. The<\/p>\n","protected":false},"author":1,"featured_media":1067,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[428,430,432,426,434],"tags":[],"class_list":["post-1066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-long-term-insuarence","category-micro-lending-credit-agreement","category-namfisa-complains-deparment","category-pension-funds","category-short-term-insuarence"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/comments?post=1066"}],"version-history":[{"count":7,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1066\/revisions"}],"predecessor-version":[{"id":35860,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1066\/revisions\/35860"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media\/1067"}],"wp:attachment":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media?parent=1066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/categories?post=1066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/tags?post=1066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}