FSA launches new strategic plan and logo |03 December 2021
The four long-serving staff in a souvenir photograph with Vice-President Afif (centre), Mr Thésée (far left) and SS Payet (far right)
The Financial Services Authority (FSA) officially launched its new strategic plan and logo in a ceremony held at the Eden Bleu Hotel yesterday morning.
It was the principal secretary for Finance and secretary of state, Patrick Payet, as the FSA board chairman, who officially launched the strategic plan 2021-2025 while the new logo was unveiled by the authority’s chief executive, Damien Thésée.
Present were Vice-President Ahmed Afif; the Minister for Investment, Entrepreneurship & Industry, Devika Vidot; board members and staff of the FSA; corporate service providers, among other guests.
The purpose of the strategic plan is to take into account recent internal and external challenges in FSA’s effective delivery of its regulatory responsibilities and mandate, with clear focus on effective and efficient delivery of its national and international obligations.
The strategic plan approved by the board and cabinet of ministers, identifies four main pillars: operating in strict compliance with international rules and standards, earning the reputation of a reputable and exemplary non-bank financial services (NBFS) jurisdictions, acquisition of the desired capabilities and infrastructure and being a significant financial contributor to the Seychelles economy, as way to moving forward.
This is expected to come through a robust, user friendly and sound regulatory framework and effective supervision, fostering innovations by constantly revising regulations, policies and operating standards including research into and introducing new products to widen its product portfolio and investment in new technologies, make available a professional service with a competent pool of talent and the involvement of stakeholders and the industry’s support, collaboration and consultation.
Compared to FSA’s current strategic framework, which is to provide licenses to companies that operate overseas, where it has no oversight on the International Business Companies (IBCs), the new strategic plan places more emphasis on regulations and regulating substance and value, especially in the capital markets, where companies, apart from obtaining licenses to operate overseas, need to have certain presence in the country to contribute to the economy.
The IBCs must also need to maintain their standards compared to the past where their presence were more geared towards revenue.
In his opening statement, Vice-President Afif said that over the past two years, the versatility and resilience of the non-bank financial services sector has become quite evident. With several of our sectors being threatened by the pandemic, the NBFS helped to maintain the stability of our economy, by its contribution through dividends, tax and employment.
“All things considered, there is a need to diversify the economy and it is with this in mind that I would like to reinforce the government’s commitment to support the needs of this sector,” said Vice-President Afif who noted that the country must ensure to remain compliant with international organisations by continuously refining and modernising our regulatory framework.
“We will continually ensure that the FSA will be provided with the necessary support to ensure that the laws which relate to the growth and development of the financial services sector are given the acknowledgement and importance that is warranted and that the legislative process for the enactment of these laws become more effective,” he added.
Vice-President Afif urged all partners in the banking sector to also form part of the transformation and growth in our financial sector as without their support, the sector will not go very far.
He added that government has the necessary infrastructure in place to foster and support good economic development in this sector and affiliated partners should build on this momentum, be innovative in developing new products and bettering existing ones which will increase our competitive edge as a small financial service jurisdiction, while not forgetting our international obligations.
He conveyed his appreciation to the staff of the FSA and the industry practitioners to partake in the authority’s strategic vision and objectives.
“We are optimistic that the financial services sector will continue to strive and be considered as one of the main pillars of the Seychelles economy,” he said.
SS Payet said that the development of the strategic plan was done through an in-depth process of consultation of key stakeholders, focusing on outputs and outcomes, aspiration of the sector and the performance-based management culture which the government is implementing.
He urged all to play their part in ensuring the effective delivery of this plan.
In launching the logo, Mr Thésée said that FSA has evolved significantly over the past 26 years, since the birth of the financial sector in 1994 and it is now time for another change.
He added that the current logo has been to reflect FSA’s identity and dynamic future.
During the ceremony, five former chief executives – Conrad Benoiton (1995 – 2005), Vice-President Afif (2005-2007), Wendy Pierre (2012-2014), Jennifer Morel (2014-2017) and the late Dr Steve Fanny (2007-2012 and 2017-2021), were recognised for their contribution to the authority.
Marie-Andrée Sedgewick, James Sicobo, Innocent Arrisol and Steve Larue were also recognised for their 24 years of service with FSA while 16 corporate service providers were recognised for having been in the industry for over 25 years.
All recipients received an award.
Patrick Joubert
Photos by Louis Toussaint
