The real purpose of regulation
While in Mauritius for the 45th OESAI conference, I was privileged enough to spend time with the Chief Executive and the Assistant Director for Insurance and Pensions, at the Mauritius FSC (Financial Service Commission) What a breath of fresh air to discuss regulation with regulators that have their focus firmly on growing the financial services industry in Mauritius.
They see regulation as an enabler for innovation, and therefore keep a close eye on emerging technologies. Reading these two articles will give you new hope for the struggle with over- regulation, which our industry is clearly burdened by.
I have always held the view that the main role of the Regulators, FSCA and SARB in our case, is to create an environment conducive to innovation and economic growth. That should be the starting point. Not a focus on policing transgressors and creating more regulation to close the gaps for transgressors, which must be a secondary focus.
This statement might seem like splitting hairs, but visit the website of South Africa’s FSCA and you get a sense that their focus is: Protecting the consumer, enforcing regulation, drafting more regulation. All these are essential, but over- regulation discourages innovation, slows economic growth and simply shifts the cost to the consumer, who ultimately pays every cent of what compliance and enforcement cost.
In contrast, visit the Mauritius FSC website and this is what you find:
“Our vision is to be an internationally recognised Financial Supervisor committed to the sustained development of Mauritius as a sound and competitive Financial Services Centre”.
We are constantly asking for more inclusivity in the financial sector but we are constantly pricing the lower end of the market off the playing field.
Time for a regulatory reset?
HOW SA INTERMEDIARIES CAN ADAPT TO THE PHYGITAL TRANSFORMATION
Heinrich Punt, General Manager for Intermediaries at Sanlam, says that navigating the new financial planning landscape requires a seamless blend of the physical and digital world—this is dubbed ‘phygital’.
REVOLUTIONISING GLASS INSURANCE WITH CUTTING-EDGE TECHNOLOGY
Zahed Rassool, the CTO of My Glass, delves into the tech marvel that powers this innovative glass insurance provider.
FOSTERING FINANCIAL INNOVATION – A FRESH APPROACH TO REGULATION
Mr Vikash Thakoor, the Chief Executive of the Financial Services Commission, Mauritius shares insights on the role of the FSC in regulating the financial services industry while fostering innovation and collaboration.
INNOVATION IS THE KEY TO A SAFER AND MORE EFFICIENT TRANSPORT INDUSTRY
The world of goods in transit and HCV insurance finds itself at a crucial crossroads, where insurers must embrace innovation or risk being left behind.
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Renasa Insurance Company Limited is an Authorised Financial Services Provider (FSP License 15491) and is licensed to conduct non-life insurance business (License No IN0140 )