FSA showcases evolution of non-banking financial sector |04 March 2014

The newly created Financial Services Authority (FSA) which only last week replaced the Seychelles International Business Authority (see lead story) is showcasing the evolution of the non-banking financial centre in Seychelles – formerly known as the offshore sector – through an exhibition at the International Conference Centre of Seychelles (ICCS).

The exhibition which has been named ‘Seychelles International Business Authority to Financial Services Authority; consolidation through evolution’, retraces the history of Siba and features services offered by the trade’s service providers and insurance companies.

It was officially opened yesterday morning by the Minister for Finance, Trade and Investment Pierre Laporte in the presence of the Governor of the Central Bank Caroline Abel, FSA’s chief executive Wendy Pierre and representatives of the organisation’s registered companies and partners.

Minister Laporte described the exhibition as very important, underlining that a piece of history is made and a significant step taken as Siba takes a fresh landscape and changes to FSA.

The minister noted that the FSA will face challenging times with continuing developments in the non-banking industry. However, with the collaboration of other stakeholders and corporate service providers and the competency of the staff inherited from Siba, he expressed his confidence that the FSA will be a success.

As for chief executive Pierre, she remarked that twenty years after the enactment of the Siba Act, new legislation as represented by the new FSA Act marks an evolution in international financial services in Seychelles.

She described the FSA as a major and strong institution which will help the government and the Central Bank in consolidating the sector.
 
Mrs Pierre added that consolidation brings expectations both nationally and internationally, but ensured that the FSA has the capacity and the commitment to reply to its mission which is to provide a sound regulatory system in compliance with international laws and practices.

The opening ceremony of the exhibition also included the launch of FSA’s website and the signing of memorandums of understanding between the FSA and what has been described as three important stakeholders – the Central Bank of Seychelles, the Fair Trading Commission and the Seychelles Investment Board.

Mrs Pierre signed on behalf of the FSA while the three partner organisations were respectively represented by deputy governor Christophe Edmond and chief executives Georges Tirant and Rupert Simeon.