The FSA will be restructured to 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 restructuring which consist of re-classifications and re-organisation of existing roles and also the creation of new roles and functions, forms part of the organisation’s strategic realignment to 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.
The following changes to the organisation will become effective as of 1st of August 2021.
- 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, 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.
Following the closure of the China’s representation Office on 1st July 2021 following a review of the office operations, the restructuring will be followed by the launch of the FSA’s Strategic Plan 2021 – 2025, in the coming months. The new structure is aimed to align the organization with the transformation and vision that is expected to be brought by the new management.
The FSA as the autonomous regulatory body responsible for non-bank financial services in the Seychelles remains committed to meeting strategic objectives while maintaining soundness and resilience of the financial services sector and adhering to international norms and standards.
The organisation structure can be found here.
Financial Services Authority