The Financial Services Authority (“FSA”) makes reference to the Press Release dated October 27^th, 2022 in relation to the suspension of the licence of Falcon Insurance Limited (“Falcon” or the “Company”), pursuant to section 96 of the Insurance Act, 2008, (“Insurance Act”) and the appointment of Mrs Mariam Rajabally, FCA, as Administrator in accordance with section 101 of the Insurance Act to manage the Company’s business, affairs and assets.

For any queries or further clarifications relating to the above, please contact the FSA on +248 2643227 or  the Administrator on the following email address: falcon.administrator@falconinsurance.sc 

Financial Services Authority

The Financial Services Authority, Seychelles (“FSA”) wishes to inform the licensees and other stakeholders that Ms. Zenabe Daman, the Deputy Chief Executive Officer of the FSA, is currently undertaking the role of acting Chief Executive Officer of the FSA.

The FSA has initiated the due process with regards to the appointment of a new Chief Executive Officer (“CEO”). To that end, as the FSA has published the vacancy inviting the submission of applications by interested persons for the post of CEO. The publishing of the vacancy started as of Monday the 25^th of July where it shall remain open until the 5^th August, 2022.

The FSA would like to thank all licensees and stakeholders for their continued support during this process.  

Financial Services Authority

The FSA Seychelles meets with senior management staff of the Dubai FSA

Senior staff from the FSA Seychelles met with the senior management of the Dubai FSA (DFSA) at the Dubai International Financial Centre on Sunday 24^th October, 2021. The DFSA, which is the independent regulator of the Financial Services in Dubai was represented by Mrs. Sara Galadari, Head of International Relations, Mr. Justin Baldacchino, Managing Director Supervision, Mr. Peter Smith, Managing Director Head of Strategy, Policy and Risk and other senior staff.

The Chief Executive Officer, Mr. Damien Thesée headed the delegation, which comprised of the FSA’s Deputy CEO, management staff from the Policy, Research and Statistics, the AML-CFT, Capital Markets and Collective Investment Schemes, ITZ, and the Corporate Communications Unit. The team who is currently in Dubai to conduct a business conference on the 28^th October, in collaboration with the Seychelles Investment Board (SIB), is also attending several fact finding meetings with other regulatory counterparts, as part of an ongoing effort to foster and maintain the relationship between other regulatory bodies. 

The meeting with the DFSA provided an opportunity to leverage on the expertise between the two Authorities on common challenges such as AML-CFT, supervision, international best practices, and the lack of talent within the sector. Regulatory framework, risk based approach, request and exchange of information were also discussed. 

The teams will now explore the possibilities to sign a Memorandum of Understanding (MoU) between the two Authorities particularly in regards to the exchange of information and possibility for FSA Seychelles to be provided with secondment opportunities so as to build on capacity building and development.

The team will continue with other courtesy visits to other regulatory authorities during the week.

 Financial Services Authority