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'.
Furthermore, under Section 6 of the Securities Act 2005, the FSC is mandated to improve the protection of investors in Mauritius from unfair, improper and fraudulent practices in relation to securities.
Our consumer strategy focuses on:
- ensuring dissemination of information in the field of financial services;
- promoting financial literacy to ensure that consumers are aware of their rights;
- enabling 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;
- broadening access to financial services with the view to building financial capability; and
- ensuring that consumers are treated fairly.
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'.
To ensure a holistic approach to its consumer protection mandate, the FSC adopts a three-fold methodology whereby it:
- creates awareness amongst consumers of financial services products directly and through other stakeholders;
- ensures consumers are protected from misleading advertisements; and
- provides the consumer with a possibility to complain (if the consumer feels deprived) through a clear and streamlined complaint procedure and ensures timely and effective complaints handling.