FSA is implementing a new organisational structure
August 03, 2021
The Financial Services Authority is implementing a new Organisational Structure since the 01st August 2021.
The revised structure follows a review of FSA’s internal operations, which it says will ‘enable it to adapt with the on-going changes in the regulatory landscape and the envisioned long-term growth of the organisation, and the non-bank financial services sector as well.’
“The re-organisation will aim to improve FSA’s operating efficiency, facilitate decision making and enable better communication both internally and externally.”
The revised structures will be as follows:
- Converting the ‘Legal Unit’ and ‘Communications Unit’ into independent Units away from the Policy Unit. This will allow the two units to provide a more coherent support to the overall organisation.
- Restructuring of the Policy and Legal Section into the ‘Policy, Research and Statistics Section’ and catering for two responsibilities in the newly restructured section; a ‘Product Development Unit’ and a ‘Policy and Statistics Unit’. Emphasis is to be given to carrying out extensive research into development of new products that would be relevant to the Seychelles financial services for the industry to potentially adopt. Existing enabling laws are also under review to bring them at par to international standards to meet the respective industry’s current operating environment and enforce supervision.
- The AML/CFT as a stand-alone unit from the Fiduciary Supervision will ensure that the Authority’s supervisory purview can be better administered through sectorial risk assessments and enforcing mitigating measures to address the identified risks in the relevant sectors.
- Creation of a new Risk Management Unit to mitigate potential threats to the financial stability of the authority, operational efficiency, and reputation so as to ensure compliance with local and international financial services legislations.
- The Insurance and Pension Supervision have been merged with the Gambling Supervision to enrich and enlarge the responsibilities of these functions, in order to also maximize the resources of the Authority.
- The vital support functions have been arranged under a Head for Corporate Affairs, to simplify the reporting functions and improve co-ordination.
The restructuring consists of ‘re-classifications and re-organisation of existing roles and also the creation of new roles and functions.
FSA believes that the organisation’s strategic realignment will create a modern and well-structured organisation.
“This will result in a more effective arrangement of functions to allow it to attend more effectively to the Authority’s mandate.”
In the meantime, FSA is planning to launch its Strategic Plan 2021-2025 in the coming months.
“The new structure is aimed to align the organisation with the transformation and vision that is expected to be brought by the new management.”
The organisation structure can be viewed here; https://fsaseychelles.sc/about/organisational-structure