The Evolution of Complaints Handling Regulations in Seychelles: A Step Towards Consumer-Centric Financial Services

Key Regulatory Changes: Bridging Banking and Non-Banking Services

The Financial Consumer Protection Act, 2022 establishes a comprehensive framework for consumer protection, requiring financial institutions to prioritize complaints handling.

Enhanced Complaints Handling Obligations

Financial service providers must set up dedicated complaints handling units, ensuring:

Regulatory Reporting Requirements: A Foundation for Transparency

Bi-Annual Reporting and Records Maintenance

Providers must submit bi-annual reports detailing consumer protection policies and maintain complaints records for at least 7 years, ensuring transparency and accountability.

Publication of Decisions

Competent Authority decisions on complaints must be published to enhance transparency and provide industry guidance.

The Securities Sector: Complaints Handling for Capital Markets Players

Key Changes for the Securities Sector

Amendments to the Securities Act impose robust complaints handling standards on securities dealers, aligning them with banking practices and ensuring rigorous compliance.

Seychelles’ Alignment with International Standards

Enhanced Consumer Trust and Improved Market Integrity

Efficient complaints handling builds consumer confidence and deters unethical practices, fostering a level playing field.

Alignment with Global Norms and Support for a Thriving Financial Ecosystem

Adopting international standards positions Seychelles as an attractive financial hub, benefiting consumers and service providers alike.

Conclusion

The development of complaints handling regulations marks a new era of consumer protection in Seychelles. By mandating robust frameworks and aligning with global norms, Seychelles is strengthening its reputation as a progressive financial hub. Continued collaboration between regulators and the industry is essential to empower consumers and ensure the sector thrives.