Regulatory Alerts2024-01-01
Financial Consumer Protection (Complaint Handling) Regulations 2024
The Central Bank of Seychelles and the Financial Services Authority issued these regulations to mandate all licensed financial services providers in Seychelles to establish accessible, fair, and efficient complaint handling units. Providers must maintain written, annually reviewed policies, ensure prompt acknowledgment within two business days, and resolve complaints within twenty-one to ninety business days while protecting consumers from discriminatory practices. The regulations empower the Competent Authority to investigate valid complaints within thirty to sixty business days, enforce record-keeping and employee training standards, and impose administrative penalties of up to SCR 10,000 for non-compliance.
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