Mauritius Consults On Code Of Business Conduct
by Jason Gorringe, Lowtax.net, London
11 December, 2014
Mauritius's Financial Supervision Commission (FSC) has begun industry consultation on the introduction of a code of business conduct for all licensed entities in order to enhance consumer protection and uphold the integrity of the financial services industry.
The code centers on nine principles:
- Skill, care, and diligence;
- Business integrity;
- Avoiding conflicts of interest;
- Communicating with customers;
- Protection of customer assets;
- Compliance with the law;
- Maintaining adequate financial resources;
- Ensuring that internal affairs are managed in a responsible manner; and,
- Fostering a cooperative attitude between the FSC and licensees.
The move is the latest in ongoing efforts by the FSC to bolster regulation. The FSC launched the Fair Market Conduct Program in 2013 to regulate the conduct of business in the non-bank financial services and introduced Guidelines on Marketing and Advertising of Financial Products and the Competency Standards in October 2014.
The consultation period will end on December 29, 2014.
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