FSAS

FSAS Seychelles, or the Financial Services Authority of Seychelles, is the main regulatory body responsible for overseeing and supervising the financial services industry in Seychelles. It is a government agency that was established in 2013 under the Financial Services Authority Act.

FSAS History

Before the establishment of FSAS, the regulatory authority for the financial services industry in Seychelles was the Central Bank of Seychelles. However, as the financial services industry in Seychelles began to grow and become more diverse, it became clear that a dedicated regulatory authority was necessary. In response to this need, the Financial Services Authority Act was passed in 2013, and FSAS was established.

FSAS Scope

FSAS Seychelles has a broad scope of responsibility, with the main objective being the promotion, development, and supervision of the financial services industry in Seychelles. The authority is responsible for regulating and supervising a range of financial services, including banking, insurance, securities, and other financial activities.

FSAS Supervision

One of the key functions of FSAS Seychelles is to ensure the safety and stability of the financial services industry in Seychelles. To achieve this, the authority has the power to supervise and regulate all financial institutions operating in the country. FSAS monitors the financial health of these institutions, assesses their risk management practices, and ensures that they comply with relevant regulations and laws.

FSAS Capital Guarantee

FSAS Seychelles offers a capital guarantee scheme for depositors in Seychelles banks. This scheme provides protection for depositors in the event of a bank failure, up to a maximum of SCR 500,000 (approximately USD 35,000). This guarantee applies to all banks licensed and operating in Seychelles, and is designed to provide peace of mind for depositors and to promote confidence in the country’s financial system.