FSC Regulation – Can You Trust It With Your Funds?
FSC, also known as Financial Services Commission, is a regulatory body, which operates in Mauritius. As Forex trading in this African country becomes more and more popular, the number of brokers, regulated by the FSC Forex regulator, increases gradually. Usually, those brokers who want to provide Mauritian Forex traders with their services are obliged to be licensed by FSC.
The Financial Services Commission was established in 2001 and is headquartered in Ébène, Mauritius. It operates under the jurisdiction of the Government of Mauritius and the responsible minister for monitoring this organization is the Ministry of Finance and Economic Development (at the moment of writing this review Renganaden Padayachy).
The Financial Services Commission, Mauritius (the ‘FSC’) is the unified regulatory body for the quasi financial services sector and worldwide enterprise and businesses. The FSC is authorized underneath the Financial Services Act 2007. Also, it is permitted to operate and provide customers with the services through the Securities Act 2005, the Insurance Act 2005, and the Private Pension Schemes Act 2012. All of these Acts allow FSC Mauritius to implement its purposes and responsibilities – to register, monitor, manage, and oversee the execution of commercial operations in financial fields.
The FSC objective is to be a globally known Financial Supervisor devoted to Mauritius’ long-term growth as a highly competitive Financial Services Centre.
To get the license from FSC brokers are required to take several steps and be involved in several processes. Those processes are also known as the examination process.
The main goals of the regulator are to foster the growth, justice, effectiveness, and clarity of Mauritius’ banking institutions and financial industry, repress criminal act and malfeasance in terms of protecting members of the general public investor in quasi banking assets, and guarantee the truthfulness and reliability of Mauritius’ monetary system.