In a collective effort to establish a legal framework for financial consumer protection in Seychelles, the Central Bank of Seychelles (CBS) and the Financial Services Authority (FSA) have worked towards the creation of the Financial Consumer Protection Act (the ‘Act"). The Act will aim to primarily increase financial literacy among consumers which will enable them to make informed financial products purchases.

The Act further sets out to provide the FSA and the CBS with the power to oversee the regulatory aspect while maintaining a collaborative relationship with the Fair Trading Commission (FTC), the leading institution responsible for consumer protection in Seychelles. As Competent Authorities, the FSA and the CBS will be able to impose sanctions and disciplinary actions, when necessary, on Financial Institutions which violate the conditions of the Act.

On 23 March 2022, the Financial Consumer Protection, Bill 2022 was presented and approved by the National Assembly of Seychelles and shall be assented later this year.