Established in 2001, the Financial Services Commission, Mauritius (the 'FSC Mauritius') is the integrated regulator for the non-bank financial services sector and global business.
FSC Mauritius is attractive to plenty of forex brokers as the license is much more competitive compared to other European forex license. FSC Mauritius allows the offering of higher leverage that benefits clients with small amount of deposits.
Please keep in mind that an FSC license does not ensure segregated account, so the safety of the clients' funds is not highly guaranteed. Forex traders must do their due diligence when dealing with a FSC Mauritius regulated forex broker.
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Safety of Client Funds：
FSC Mauritius license does not ensure segregated account, so the safety of the clients' funds is not highly guaranteed. Investors are recommended to do their due diligence when dealing with a forex broker that is only regulated by FSC Mauritius.
Generally speaking, Mauritius FSC-regulated broker profile will be found at the Register of Licensees page on Mauritius FSC website. Try to find it and check if it will match the info from the broker website.
The detailed steps are as below:
1. Find the name of the forex broker, which you can get from the broker's website;
2. Enter the name into the search bar on https://www.fscmauritius.org/en/supervision/register-of-licensees-search-by-name ;
3. And you'll get the broker's contents on Mauritius FSC website. At this time you will check if the broker holds the licences of 'INVESTMENT DEALER (FULL SERVICE DEALER INCLUDING UNDERWRITING)', 'INVESTMENT DEALER (BROKER)', or 'INVESTMENT DEALER (FULL SERVICE DEALER EXCLUDING UNDERWRITING)';
4. If all the steps above have been done, don't forget to check the most important information: check if the firm details published on Mauritius FSC website matches the ones you'll go to trade with, especially the website and email etc.
If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.
When you have disputes with a Mauritius FSC-regulated broker, you can proceed the following ways:
1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.
2nd way: If the response was not what you were hoping for, you have the following options:
● Contact the Office of the Ombudsperson for Financial Services
It will receive and deal with complaints from consumers of financial services against financial institutions and may make an award for compensation, where appropriate, and give such directives as it may determine to financial institutions.
To submit a complaint in writing you can:
1. Send the complaint to the email: firstname.lastname@example.org
2. Submit the complaint by post: Office of Ombudsperson for Financial Services, 8th Floor, SICOM Tower, Wall Street, Ebene or via fax 468-6473.
● A complaint about global business falling outside the purview of the Office of Ombudsperson for Financial Services in respect of licensee(s) of the FSC may be filed with the FSC online.
3rd way: If the first 2 ways above can't solve the dispute, the last way is to issue a case to the court in Mauritius.
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