The FSC is responsible for the education and protection of consumers of non-banking financial products and services.
Section 6 of the Financial Services Act (FSA) empowers the FSC to:
- 'promote public understanding of the financial system including awareness of the benefits and risks associated with different kind of investments'; and
- 'take measures for the better protection of consumers of financial services'.
The main pillars of our consumer strategy are:
- to promote financial literacy to ensure that consumers are aware of their rights;
- to enable consumers to better understand the markets as well as the risks associated with the various array of instruments available in the financial services sector other than banking;
- to ensure that consumers are treated fairly;
- to ensure dissemination of information in the field of financial services; and
- to broaden access to financial services with the view to building financial capability.
Section 32 of the FSA further enables the FSC 'to develop or promote such programmes or initiatives to inform and educate consumers or potential consumers of financial products and financial services'.
FSC Consumer Education Video Clips
- Unregulated schemes - Part 2 (24 April 2013)
- Unregulated schemes - Part 1 (11 Nov 2012)
- Complaints procedure for Insurance (4 Nov 2012)
Complaints procedure for the insurance sector
|Further to the FSC Guidelines issued on 05 October 2006, all insurance companies are required, to have a Complaints Coordinator at all times (click here for the list of Complaints Coordinators).|
If you wish to make a complaint in respect of an insurer, as per the Guidelines issued, the insurer should inform you of its internal complaints procedure. You may have your complaint in writing or in person to the Complaints Coordinator of the insurer.
The Complaints Coordinator is responsible to deal with the complaints in an efficient and professional manner.
If you are still unsatisfied with the Complaints Coordinator's final response to your complaint, you may fill in a complaints form (English version, French version) along with any supporting documents to the FSC after the receipt of the final response.
For more information on the complaints procedure, please click here.
Your insurer must:
- have a 'complaint coordinator' at all times;
- inform its policyholders of their rights to lodge a complaint;
- inform its policyholders of the steps required for filing a complaint with the Complaints Coordinator (documents and information to be produced);
- acknowledge receipt of the complaint within 3 working days of filing;
- settle a complaint within 30 working days of the date of filing.
Complaint against other licensee(s)
A complaint in respect of any other licensee(s) of the FSC may be filed with the FSC by submitting a complaints form with any supporting documents to:
Financial Services Commission,
54 Cybercity Ebene,
Tel: (+230) 403-7000
Fax: (+230) 467-7172