Saturday, May 15, 2021

CONSUMER PROTECTION

The confidence of consumers plays crucial role in the life of financial services sector and its further development. With world changing and financial products or services rapidly developing, the problems arising in the economics become especially visible: all the malpractices, unauthorized businesses and financial crimes happening.

The FCS, as Grenada’s regulator of non-bank services relating to financial sector, possesses one of the core mandates to support both the stability and integrity of the financial sector and simultaneously protect the consumer while he is using the financial services. And the main objective of the authority is to ensure that any piece of financially involved element is licensed for sure, being monitored and is strictly supervised.

It may be also taken into account that, during performing its functions, FCS looks for any matter that can be considered as appropriate, like initiatives that have an international scale and are aimed at establishing standards in legacy, businesses and regulatings that relate to business of financial service or similar kind, or activities that involve the topic of financial services and their legalization.

Moreover, the main responsibility of FCS is to protect and keep safe the public: both investors and clients, and it is not necessary whether these are current or potential, work within Grenada or in another place, but in case they support the point against financial losses which come from dishonesty, general incompetence, insolvency or occurring malpractice in financial sector on the territory of Grenada and out of its borders, they are more than welcomed.

Finally, the FCS obligates to the duty to keep safe and sound the Grenada’s reputation as a centre of financial industry and meanwhile reduce the crime rate and similar activities that are associated with financial services and business matters.