Financial Consumer Protection Framework in Seychelles

• Financial Consumer Protection Framework in Seychelles

Professional Training Programme

Financial Consumer Protection Act, 2022 and Complaint Handling Regulations, 2024| Seychelles

• Why Financial Consumer Protection Matters

• Financial services affect every person’s life – savings, loans, insurance, investments
• Consumers often face information imbalance: providers know far more than consumers
• Without regulation, abusive or misleading practices can go unchecked
• Vulnerable populations (low-income groups, elderly) are at greatest risk
• Strong consumer protection builds trust in the financial system
• The FSA and Central Bank are empowered to promote fair, accessible and sustainable financial services
• The Act creates a legal framework that is enforceable — with real penalties for breaches
Slide 4 — Purpose of the Financial Consumer Protection Act, 2022
• Applies to all financial services providers listed in the Schedule (banks, insurers, capital markets, etc.)
• Supersedes the Consumer Protection Act (Cap. 257) for financial consumer disputes
• Establishes minimum standards of fairness, transparency and honesty
• Creates enforceable rights for financial consumers across all covered sectors
• Empowers Competent Authorities to investigate, sanction and provide redress
• Mandates internal complaint handling, disclosure, data protection, and suitability assessments
• Provides a unified framework — reducing fragmentation across different financial sectors

This course offers 5 hours of training.