New tribunal to review NBFIRA decisions
Establishment of the Non-banking Financial Institutions Tribunal will enhance fairness, safety and sustainability of the non-banking financial institutions as the sector grows.
The tribunal was formed to consider appeals more effectively as it is composed of independent members with experience and who have expert knowledge of non-bank financial services. Commencement of the Retirement Funds Act 2022 which commenced on October 14, 2022, repeals and replaces the previous Retirement Funds Act (2014).
Addressing the media on Monday, Deputy Secretary for Financial Policy in the Ministry of Finance, Boikanyo Mathipa said commencement of the Retirement Funds Act requires the establishment of an independent body which will review the decisions of the Non-Banking Financial Institutions Regulatory Authority (NBFIRA). “The tribunal will bring equity because it is made up of professionals who are eligible to be judges. Its main purpose is to listen to the concerns of Batswana.” The NBFIRA Act entrusts the tribunal with responsibility of reviewing decisions made by NBFIRA or
Self-Regulatory organisations such as Botswana Stock Exchange. Mathipa explained that the tribunal proceedings will be conducted expeditiously as it will only be focusing in hearing appeals against NBFIRA and SRO decisions. “The tribunal has an enhanced ability to identify, clarify and apply the relevant financial service law in considering matters before it as it is constituted by a panel of industry experts.” She said concerned parties will be charged a non-refundable fee of P500 and no other charges will be levied. “The Tribunal is therefore a cost effective way to consider appeals compared to courts.” The organisation is made up of five members who are industry experts in the legal and non-banking financial services sector and they are appointed by the Minister of Finance. These include a chairperson, deputy chairperson and three other persons.
Applications to the tribunal for review of a decision made by NBFIRA or Self-Regulatory Organisation should be made within 28 days after the decision.