FSA to enhance independence and integrity of Oman’s financial sector

FSA to enhance independence and integrity of Oman’s financial sector

Muscat: The setting up of the Financial Services Authority (FSA) would be a safeguard to integrity and independence of the financial sector in the Sultanate of Oman, the FSA said in a statement at a press conference held here on Sunday. The Royal Decree No. 20/2024 also promulgated the system of functioning of the FSA by expanding its mission and enabling it to supervise accounting and auditing procedures and oversee the operations of the capital market and insurance sectors. The statement further added that the new system constituted a reference law for all sectors under the FSA's supervision and paves the way for the enactment of legislation to regulate those sectors in a manner that generates structural and operational benefits. The FSA pointed out that the structural benefits are linked to the mechanism of integrating the financial sector into the national decision-making system. The benefits include enhancing the Authority's role in establishing an appropriate investment environment to achieve economic diversification, encourage investment, develop the private sector, harness employment initiatives and expand international cooperation. On the other hand, operational benefits pertain to the FSA's regulatory and supervisory role, including the development of national human resources and human capital in specialised professions