The Non-Banking Financial Institution Regulatory Authority (NBFIRA) has been accused of failing pensioners.
The Non-Banking Financial Regulatory Authority Tribunal attributed pensioners lack of knowledge on the workings of the insurance sector to NBFIRA’s failure to sensitize pensioners on how the sector works.
According to the Tribunal, NBFIRA’s mandate among others is “to educate members of the public about the non-bank financial system” which remains one of the fundamental objectives that demands action.”
The NBFIRA Tribunal did not have kind words for the Regulator after being inundated with cases from members of the public, in particular pensioners, who apparently lack understanding of the workings of the insurance industry.
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