Regulatory Alerts2025-01-09
Financial Consumer Protection (Complaint Handling) Regulations 2024
The Central Bank of Seychelles and the Financial Services Authority issued these regulations to mandate standardized complaint handling frameworks for all licensed financial services providers. Providers must establish accessible complaint units, maintain annually reviewed written policies, and adhere to strict timelines requiring acknowledgment within two business days and final responses within twenty-one (extendable to ninety) business days. The regulations further empower the Competent Authority to investigate valid complaints within thirty business days, enforce comprehensive record-keeping and employee training obligations, and prohibit discriminatory practices against consumers who lodge grievances.
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