Financial Services Commission (FSC)

Overview of Financial Services Commission (FSC) Mauritius

The Financial Services Commission (FSC) Mauritius is the integrated regulatory authority overseeing the non-banking financial services sector and global business in Mauritius. Established in 2001, the FSC operates under the Ministry of Finance and Economic Development, ensuring compliance with international financial standards while fostering a robust financial ecosystem.

Historical Background

The FSC was established under the Financial Services Act 2007, consolidating its role as the primary regulator for non-bank financial institutions. Its enabling legislations include the Securities Act 2005, the Insurance Act 2005, and the Private Pension Schemes Act 2012, which grant it licensing, supervisory, and enforcement powers.

Regulatory Authority and Legal Framework

The FSC derives its regulatory mandate from several key laws:

• Financial Services Act 2007 – Establishes the FSC’s overarching authority.
• Securities Act 2005 – Governs capital markets, securities exchanges, and collective investment schemes.
• Insurance Act 2005 – Regulates insurance companies and pension schemes.
• Private Pension Schemes Act 2012 – Oversees private pension fund operations.

The FSC enforces Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) regulations, adhering to FATF guidelines.

Core Functions and Regulatory Scope

The FSC’s responsibilities include:

• Licensing – Approving financial service providers under the Consolidated Licensing and Fees Rules 2008.
• Supervision – Conducting on-site inspections and off-site monitoring of licensees.
• Enforcement – Taking disciplinary actions against non-compliant entities.
• Policy Development – Formulating regulations to ensure market transparency and stability.
• Investor Protection – Promoting financial literacy and handling consumer complaints.

Its regulatory scope covers securities, insurance, pensions, global business, and fintech sectors.

Contact Information

Headquarters Address:
FSC House, 54 Cybercity, Ebene, Mauritius

Phone: +230 403 7000
Fax: +230 467 7172
Email: [email protected]

Office Hours: Monday to Friday, 8:00 AM – 5:00 PM (Mauritius Time)

How to Verify a Regulated Entity

To confirm if a financial service provider is licensed by the FSC:

1. Visit the FSC’s official website at https://www.fscmauritius.org.
2. Navigate to the “Register of Licensees” section under the “Supervision” tab.
3. Search by the entity’s name, license number, or activity type.
4. Cross-check details such as license status and permitted activities.

The FSC also issues public notices regarding license surrenders or enforcement actions, which can be found under “Communiqués” or “Public Notices” on their website.