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The Financial Consumer Protection Bill, 2022, is approved by the National Assembly

March 23, 2022

The National Assembly has approved the Financial Consumer Protection Bill, 2022, in its morning sitting today.

The bill, the first of its kind, was presented by the Minister for Finance, National Planning and Trade, Naadir Hassan.

In his presentation, Minister Hassan noted that the need for such a law, dates back to 2014, in the plan to develop the financial sector.

"Financial consumer protection and financial education, were identified as the key elements to be implemented, if the general population were to be a part of that transformation to develop the financial sector."

While a lot has been done, especially by the Central Bank of Seychelles (CBS), to propagate financial education awareness, among the population, the protection for financial consumer was not moving at the same speed.

The law is mandating the Central Bank of Seychelles (CBS) and the Financial Services Authority (FSA) to become the competent authorities in providing protection to financial consumers when necessary and needed.

While, the competent authorities will play their role, the public are also being urged to be more responsible also.

"The objective of the law is to strengthen the rights and protection of the financial consumer, but it it just as important for all consumers to be aware and committed in their endeavours with financial institutions."

The bill will now be assented by the President.

Below is the link to Minister Hassan's statement.

http://www.finance.gov.sc/uploads/files/PREZANTASYON-MINIS-PROZE-DE-LWA-PROTEKSYON-KONSOMATER-SERVIS-EK-PRODWI-FINANSYEL-25.02.2022.pdf

https://youtu.be/BqGBWc7r4PU

 

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