A strong framework for ensuring consumer protection in the financial sector is important as it enhances consumer confidence when accessing financial products and services. Consumer confidence is an important indicator of financial sector development and financial stability. It is in this context that the Central Bank of Seychelles (CBS) and Financial Services Authority (FSA) have worked towards the establishment of a law - the Financial Consumer Protection Act (FCPA) - specifically for the protection of financial consumers’ interests. The law provides mechanisms to handle financial consumer disputes fairly, reasonably and effectively. The FCPA was assented to on April 14, 2022, with a commencement date of May 01, 2022, and a transitional period of 6 months for its full enforcement by the competent authorities.

The FCPA and subsequent formulation of supporting regulations will further enhance the legal framework for financial consumer protection in Seychelles. The CBS and FSA will continuously work with all relevant stakeholders in this endeavour.

A copy of the FCPA can be accessed below, along with existing regulations related to market conduct and financial consumer protection.