 "Arun Jaitely")
The government is considering a proposal to set up an independent Financial Redress Agency (FRA). This agency would provide retail financial consumers with a one-stop forum for speedy and convenient settlement to complaints. In this article, I highlight the flaws in the current consumer protection regime and the features of FRA designed to overcome them.
Consumer protection has two aspects — prevention and cure. Prevention requires regulators to obtain fair play by financial firms. Cure calls for effective complaint handling. The current regime is lacking on both these counts. Gaps in prevention have resulted in banks and other distributors
Consumer protection has two aspects — prevention and cure. Prevention requires regulators to obtain fair play by financial firms. Cure calls for effective complaint handling. The current regime is lacking on both these counts. Gaps in prevention have resulted in banks and other distributors
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