Wednesday, June 26, 2019

Consumer Protection

CONSUMER PROTECTION

Confident consumers are pivotal in the development of the financial services sector. As financial products and services become more sophisticated, the economic and reputational threats caused by unauthorised financial services business, industry malpractices and financial crime are becoming increasingly prominent.

As the regulator of the non-bank financial services in Seychelles, the FSA has, as one of its core mandates, the dual objective of maintaining the integrity and stability of the financial system and protecting consumers of financial services. As such the FSA ensures that any financial services business carried on under the relevant financial services legislations are effectively licensed, monitored, and supervised.

In the performance of its functions, the FSA may also take into account any matter which it considers appropriate including international initiatives geared towards establishing legal, business and regulatory standards relating to financial services business or to other businesses or activities subject to the financial services legislations.

In addition, the FSA has the responsibility to safeguard and protect the public; this includes investors, clients, as well as potential clients of persons engaged in financial services business in Seychelles, whether within or outside Seychelles, against financial loss arising out of dishonesty, incompetence, malpractice or insolvency of persons engaged in financial services business in or from within Seychelles.

The FSA also has a duty to protect and enhance the reputation of Seychelles as a financial services centre and to endeavour to reduce crime and any other unlawful activities that relates to financial services business.