Financial Consumer Protection Act comes into force

May 04, 2022

The Financial Consumer Protection Act, 2022, has came into operation, since 1st May 2022.

Minister Naadir Hassan, signed the Financial Consumer Protection Act (Commencement) Notice, Statutory Instrument (S.I 52, 2022), on 29th April, 2022.

The FCP Bill, was assented into law by President Wavel Ramkalawan, on 14th April, 2022.

The bill was approved by the National Assembly on 23rd March 2022.

It was the Minister for Finance, National Planning and Trade, Naadir Hassan, who presented the bill before the National Assembly for approval.

The main objective of the act is to strengthen the rights and provide protection to consumers who are accessing financial products or services.

The competent authorities for the new law are, the Central Bank of Seychelles (CBS), and the Financial Services Authority (FSA).

Click on the link below to access the SI and Act.