Who recommended Financial Redressal Agency?
Q. Which of the following is/are true regarding Financial Redressal Agency (FRA)?
1) It is to address the grievances of retail consumers against all Financial Service Providers (FSPs).
2) The Financial Sector Legislative Reforms Commission (FSLRC) in 2013 had recommended FRA.- Published on 28 Dec 16a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2
ANSWER: Both 1 and 2
The Government had announced the creation a sector-neutral Financial Redressal Agency (FRA) to address the grievances of retail consumers against all Financial Service Providers (FSPs).
This follows from the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC), which had, in 2013, recommended FRA as part of the Regulatory Framework designed to foster customer protection and independence and accountability of Regulators.
Currently the average consumer is put under unnecessary stress when required to approach different redress agencies based on the nature of the product.
