Financial Stability Committee Sets Out Strategy for Climate, AI and Cyber Risk Oversight

VICTORIA, Seychelles — In line with the financial stability oversight mandate provided for by the Financial Stability Act 2023, the Financial Stability Committee (FSC) undertook a number of activities during the period under review, the main one being to finalise a memorandum of understanding for the exchange of work between the members of the committee. This was announced by the chairperson of the FSC, Governor Caroline Abel, who led a press conference yesterday morning at Liberty House.

Governor Abel presented the 2024 Financial Stability Report, which she had earlier presented to President Wavel Ramkalawan at State House in June. Another crucial activity was the approval of the key pillars for the design of the stability strategy, mainly related to technology, financial integrity, financial market infrastructure, and climate change. The committee also analysed the skills required by its technical team and set up a training fund to cover the cost of training staff will have to undertake during the year.

Other members of the FSC present at the press conference included Secretary of State in the Ministry of Finance, National Planning and Trade Patrick Payet, First Deputy Governor of the Central Bank of Seychelles Brian Commettant, chief executive of the Financial Services Authority Randolf Samson, and chief executive of the Financial Intelligence Unit Richard Rampal. The committee also launched an awareness campaign towards the end of the year to educate the public on what financial stability is and why it is needed.