The Financial Services Authority is a supervisory mechanism in the Seychelles. There was an institution with a similar name in UK in the past. This organization should not be confused with that one in UK. In 2013 with the Financial Services Authority Act, the Seychelles International Operating Authority (SIBA) was replaced by the Financial Services Authority (FSA). SIBA was created by the Seychelles International Trade Authority Act, which entered into force in 1994. Its aim was to improve Seychelles economy by expanding financial services and providing value added services. SIBA’s role is to monitor, supervise and coordinate the execution of financial services within the Seychelles. They also provide support to the government in general on matters relating to international business activities.
FSA’s duties under the 2013 Financial Services Act are as follows.
- Supervising, monitoring and regulating financial licenses in accordance with this law and financial services legislation.
- To manage the registration legislation.
- Develop appropriate legal, regulatory and supervisory mechanisms for the effective management of the organization and financial services legislation.
- To take appropriate measures to inform and educate the public about financial services.
- To impose sanctions on persons who engage in unauthorized financial services in the Seychelles.
The organization has been striving to celebrate its presence for more than 25 years, to provide a modern regulatory framework, and aim to be recognized as a leading international business center.