The FSA Seychelles has released (updated) Guidelines for reporting duties of Financial Services Providers (FSPs) to provide guidance on bi-annual reporting duties under the Financial Consumer Protection Act 2022 (‘Act), highlighting the importance of consumer protection.
Key expectations:
- Mandatory report contents: The bi-annual report must at least cover the mandatory contents as set out in the Act:
- Policies on consumer protection and measures taken to monitor compliance
- Data on consumer disputes
- Monitoring of agents or third parties
- Financial education initiatives
- Penalties: Non-compliance with deadlines carries penalties.
- Declaration & Sign-Off: Reports must be signed by a duly authorised representative of the FSP.
- Submission format: FSPs have flexibility in format but must address all required areas using the structure provided in Annex 1 of the Guidelines.