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REVIEW - The Financial Services Authority of Seychelles

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REVIEW - The Financial Services Authority of Seychelles

Photo: Leaprate

Who are the Financial Services Authority of Seychelles?

The Financial Services Authority of Seychelles (FSA) is the main regulator for non-bank financial services in the Seychelles. Currently, it is established under the terms of the Financial Services Authority Act (2013), where it has a broad range of responsibilities for regulating the financial services industry in the Seychelles. As the Seychelles has become an increasingly popular destination for offshore financial services and capital markets companies, the FSA has taken on an increasingly prominent role within the non-bank financial services sector.

Its stated vision on the regulator website is to develop and position the Seychelles as a leading financial services centre through the development and application of sound regulatory practices. By doing so, the FSA hopes to create an environment in which the non-bank financial services sector can grow in line with national economic development strategies. In the year 2020, the FSA celebrated its 25th year in operation.

Regulatory areas and powers

Under the terms of the Financial Services Authority Act (2013), the FSA has a fairly broad range of regulatory responsibilities and powers. This includes the responsibility to issue Seychelles licenses to non-banking financial services firms looking to establish themselves and operate out of the Seychelles, as well as the supervision of individuals and corporate entities involved in the non-bank financial services industry in the Seychelles. The FSA is also responsible for registering international business companies, foundations, limited partnerships and international trusts in the Seychelles.

Under the terms of the 2013 Act, the FSA is empowered to supervise, monitor and regulate licensees; administer the registry; develop legal, regulatory and supervisory mechanisms; adopt measures to inform the public on its functions and any important news relating to the financial services sector; and to take actions against persons carrying out unauthorised financial services within the Seychelles.

How to check if a broker is regulated by the Financial Services Authority of Seychelles?

If you want to check whether a particular broker or website is regulated by the FSA, you should start by checking if the broker in question has its FSA licence number listed on its website. If it does, then simply do a search for the licence number through the FSA website. All valid Seychelles licences can be checked through the FSA website. You can also submit a query directly to the FSA via email or letter.

Making a complaint

The FSA has a comprehensive complaints procedure in place, the full details of which can be viewed on the FSA website. Before bringing a complaint to the FSA, however, it does advise that individuals be able to demonstrate that they have exhausted all available options for resolving the matter directly with the affected parties. If you can prove that this is the case, you will then be required to fill in a mandatory complaint form. You can access a copy of this complaint form through the FSA website. Once completed, you may either send it via email or by post directly to the FSA’s chief executive officer. Once the complaint form has been received and processed, you will be notified once an investigation into your complaint has been initiated.

Brokers Regulated by Financial Services Authority of Seychelles:

  • HotForex
  • AvaTrade
  • ValuTrades

Reprinted from Leaprate, the copyright all reserved by the original author.

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