What can be reported to the FSC

A genuine reportable concern, under the provisions of section 45A of the Financial Services Act, relates to any breach of the provisions of the laws of Mauritius and/or any behaviour/action/malpractice which is harmful or is likely to harm the interest of clients of the licensee or of the public in general and which may have a bearing on the functions of the FSC.

Any form of grievance related to employment such as unsatisfactory probation reports, performance evaluations, favouritism, nepotism and related issues would not qualify as a reportable concern under the provisions of section 45A of the Financial Services Act.

Many licensees of the FSC have an internal whistleblowing process in place, and if the whistleblower feels confident in doing so, he/she may wish to follow this process before reporting a matter to the FSC, although this is not mandatory.

It may be appropriate for the whistleblower to make a reporting directly to the FSC or to other relevant law enforcement agencies or competent authorities, for instances where:

• A formal internal report has already been made but no action has been taken;
• senior employee(s) of the organisation is(are) or may be implicated in the suspected wrongdoing;
• it is likely that the evidence of the wrongdoing is likely to be concealed or destroyed;
• there is a need for an urgent intervention on the matter; or
• it is likely that the whistleblower may be subject to occupational detriment.

Any reporting to the FSC must be made in good faith based on reasonable grounds and as timely as possible. The whistleblower must provide, amongst others, specific details about the suspected wrongdoing and where possible, provide documentary evidence to support the facts. It is also important to specify the exact name and position of the reported firm/individual, the involvement of any other persons, the exact location where the suspected wrongdoing has happened/is happening and the period for how long it has been happening. Information provided should be as accurate and complete as possible.

The FSC may decide not to pursue any reporting which contains unsubstantiated allegations and/or where it is not in a position to gather further information where such reporting is made anonymously.

Whistleblowers are encouraged to report the matter independently to any other regulatory body, public sector agencies or law enforcement agencies, as they deem necessary.