Fidelity Fund launches website, identity & strategy
The Legal Practitioners Fidelity Fund (LPFF) launched its public identity, website and strategy to provide financial security to users of legal services on 16 May 2024. At the same event, it also announced its strategy to further develop the Fund’s capacity.
The LPFF was established by the Legal Practitioner’s Act 15 of 1995. The Fund investigates allegations of financial loss or loss of property due to theft by a legal practitioner, a candidate legal practitioner or an employee or trustee employed by a legal practitioner.
The allegation must be reported by the affected member of the public. If the allegation and loss is proven true, the Legal Practitioners Fidelity Fund reimburses the affected member of the public for the loss. The Fund may also reimburse a member of the public for theft of money or property by a legal practitioner or articled clerk engaged in real estate dealings.
Member of the LPFF Board of Control, Ileni Gebhardt encouraged members of the public to visit the Fund’s website to assure themselves that their legal practitioners hold Fidelity Fund Certificates. The Fidelity Fund investigates allegations of theft by legal practitioners who hold valid Fidelity Fund Certificates and reimburses clients of those practitioners if an allegation is proven true.
Delivering the welcoming at the launch, member of the LPFF Board of Control, Ileni Gebhardt encouraged members of the public to visit www.fidelityfundnam.com to assure themselves that their legal practitioners hold Fidelity Fund Certificates. The Fund can only investigate allegations and provide redress if money is handed to a holder of a valid Fidelity Fund Certificate in the course of a legal matter.
The Fund is reliant on reports from the public or enterprises to perform its duties.
In her keynote address, Executive Director of the Ministry of Justice, Gladice Pickering, said the Fund is instrumental in protecting members of the public from abuses from legal practitioners. The Fidelity Fund investigates allegations of theft by legal practitioners who hold valid Fidelity Fund Certificates and reimburses clients of those practitioners if an allegation is proven true.
Keynote speaker Gladice Pickering, Executive Director of the Ministry of Justice said Namibian law plays an absolute role in preserving the value in assets and transactions. It ensures that economic and social exchanges are conducted equitably, with efficiency, and in a transparent manner. In this regard, LPFF is a critical institution as it preserves trust in the rule of law. She noted that this would affect Namibians, who are often at the mercy of unscrupulous legal practitioners, as well as foreign direct investment which is expected to increase substantially in future.
Faced with the urgent requirements of economic equity and the growth of the economic activity as prerequisites for advancement of the national economy, it is vital that the judiciary not only provides the legal framework for economic advancement but also the regulatory institutional environment to foster its own integrity.
She added that ensuring economic equity is not just a matter of legislation and regulation.
It falls to the legal fraternity to arrange the forms of the transactions and any legal interventions in disputes. Following this, the legal fraternity must govern itself in a manner that is both vigorous and imbued with exceptional integrity.
Pickering went on to say that integrity ensures trust and confidence in the legal system. People are more likely to comply with laws and cooperate with legal proceedings when they believe that the law, as embodied by its legal structures and institutions, is fair and unbiased. Laws must be seen to apply equally to all, which requires the impartiality and honesty of legal institutions. Integrity and impartiality within institutions ensures that laws are applied and enforced in a just manner.
Talking about development of the LPFF and its environment, Chairperson of the LPFF Board of Control, Nolan Swarts said the Fund’s strategy with a window from 2024 to 2027 is divided into four strategic themes. These are: operational efficiency, stakeholder engagement, financial sustainability and legislative reform.
It has become clear that to function efficiently, the Fund must develop its own efficient, operational structure. The Fund’s strategy will be to implement its own institutional, administrative structure and capacity to efficiently investigate and resolve allegations received by it. This exercise will entail development of optimally staffed systems and processes, as well as offices.
Swarts said the critical component of its stakeholder engagement must be to serve in the interests of the general and institutional publics, by providing information on redress and resolution when allegations are received. It must also provide effective communication on its activities.
On the topic of financial sustainability, Swarts said LPFF runs a substantial financial risk that must be mitigated. Although the Fund is driven by indemnity insurance, financial prudence dictates that the Fund must hold reserves, which must also be deployed to cover operating costs, as well as to provide for corporate social responsibility and development of legal skills. He went on to say LPFF is empowered and governed by legislation, however it lacks legislative powers. The need for these powers is underscored by the dynamic environment in which it operates, as well as existing loopholes in the law. The Fund must begin to develop these powers to govern itself and set itself planned targets against which it can measure its achievements.
He noted that the Fund has had inputs into mooted amendments of the Legal Practitioners Act of 1995. Swarts concluded by issuing a warning to unscrupulous legal practitioners that the Fund would take action against abuses by legal practitioners
Pius Iikwambi, member of the Board of Control thanked people and enterprises that contributed to the launch.
Taimi Iileka-Amupanda, mamber of the Board of Control acted as MC for the launch.
