The Financial Services Authority of Seychelles has issued Circular no.6 of 2022 which makes reference to the new Financial Consumer Protection Act (FCPA) that came into force on 1st of May 2022.
Securities Dealer Licensees are now obliged under Section 8 of the FCPA to submit a bi-annual report to the Financial Services Authority (FSA) Seychelles on the policies adopted in relation to consumer protection including the following:
- the measures taken to monitor compliance with policies;
- financial education activities;
- information on the number, type and conclusion of disputes of the financial consumers handled internally;
- the activities of agents or third parties acting on behalf of the financial services provider; and
- any monitoring activity undertaken over such entities.
The report for the first half of the year will need to be submitted every year by the 15th of July and that for the second half of the year to be submitted by the 15th of January of the succeeding year.
Kindly note that there is a transition period of six months; therefore, the first report shall be due by 15th of January 2023.
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