GIS - Dec 06, 2012: The Financial Services Commission (FSC) of Mauritius conducted from 29 November to 01 December, a Consumer Education roadshow in Rodrigues with a view to promote public understanding of the financial services system including the benefits and risks associated with different kinds of investment.
This campaign forms part of a series of roadshows organised by the FSC in various regions across the island. The first one was launched on 4 November 2012 at the Lady Sushil Ramgoolam State Secondary School in Triolet followed by Rose-Belle, Flacq and Bambous.
The Consumer Education campaign is in line with the FSC’s statutory objectives under the Financial Services Act to take measures for better protection of consumers of financial services. With the promotion of the financial services sector, the FSC believes that informed consumers make better financial decisions. Given the complexity of this sector, the Consumer Education campaign which is being run at national level, will contribute towards the FSC’s objective of having a financially literate population capable of understanding how the sector functions and how financial products and services are used on a daily basis.
According to the Chief Executive of the FSC, Ms. Clairette Ah-Hen, it is deemed necessary for consumers of financial services and products to understand the risks and returns, as well as the terms and conditions associated with their investments. Before making any investment, she added, it is important for one to verify that those selling non-bank financial products and services are duly licensed and authorised by the FSC.
It will be recalled that the roadshow is the first phase of a promotion campaign on consumer education on financial services targeting a wider public more specifically the adult community. The roadshow will cover other regions of Mauritius next year.
The Financial Services sector in Mauritius presently counts some 24 000 registered Global Businesses; about 162 Management Companies; around 19 Insurance Companies; and approximately 14 000 people are employed in that sector.