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Willfinancialredressagencyhelpconsumers?|BusinessStandardNews
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Willfinancialredressagencyhelp
consumers?
JehangirGai
March8,2015LastUpdatedat23:24IST
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TheFinancialSectorLegislativeReformsCommission(FSLRC)has
BumpsaheadforFinancialCode
future
givenshapetoadraftlawIndianFinancialCode.Undertheproposed
Letters:NocountryforPSBs
regulator.Itproposestosetupafinancialredressagency(FRA)for
Regulatorsneedtoreengineer
toimprovegovernance:Ajay
Shah
resolvingconsumercomplaints.
Reworkingthefinancialsector
Enablinginflationtargeting
legislation,aunifiedfinancialauthority(UFA)willbeconstitutedasa
TheproposedFRAwillhaveitsheadquartersinMumbai.Itmayalso
establishbranchoffices.TheBoardofMembersofthisagencywill
compriseofamaximumofsevenpersons,halfofwhomwouldbe
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executivemembers,twoofwhomwouldbenominatedbytheReserve
IntradayTipforTomorrow
consumerissues.TheFRAwouldbeabodycorporate,whichcouldsue
KnowwhichIntradayTipwegive
Tomorrow,onlyProfitabletips
www.premiumstocktips.com/to
andbesuedinlegalproceedings.
BankofIndia(RBI)andUFA.Thememberswouldbeexpertsin
TheFRA'srolewouldbetoredressthecomplaintsofretailconsumers
offinancialservices.Itsregulationswouldincludestipulationofthefees
payableforfilingcomplaints,theamountofcompensationwhichcould
beawarded,thetimeframeformediationandadjudication,etc.and
wouldbesubjecttoreviewwithinthreeyears.
AnaggrievedconsumercannotdirectlyapproachtheFRA.Hewouldfirsthavetoapproachhisserviceprovider
http://www.businessstandard.com/article/pf/willfinancialredressagencyhelpconsumers115030800821_1.html
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09/02/2016
Willfinancialredressagencyhelpconsumers?|BusinessStandardNews
withacomplaint.Ifhisgrievanceisnotresolvedorheisnotsatisfiedwiththeresolution,hecanlodgea
complaintwiththeFRAdirectlyorthroughtheregulator.TheFRAcantakeupthecomplaintprovideditisnot
beforeanycourt,tribunalorotherauthority.
Onreceiptofthecomplaintfromtheconsumer,theFRAwouldtrytomediateavoluntarysettlementthrougha
mediator.Ifmediationfailsorincaseitcannotbecompletedwithatimeboundperiod,orifapartyallegesthe
settlementrecordedinthemediationwasobtainedthroughfraud,coercionormisrepresentation,thecomplaint
wouldhavetobereferredforadjudication,tobeconductedbyanindependentadjudicatorappointedbytheFRA.
Theadjudicatorswouldbepersonscapableofdealingwithconsumerprotectionissuesandtheabilitytoredress
consumerdisputes,orbypersonsknowledgeableinfinanceorlaw.
Theadjudicatorhastodecidethecomplaintonthebasisofthefinancialcontractbetweenthepartiesandthe
applicableprovisionsoflaw.Theadjudicatorwouldalsohavethepowertoawardcompensation.Theadjudicator
hastogiveareasonedorder,whichwouldbeenforceablelikeadecreeofacivilcourt.Theordermustalso
informthepartiesoftheirrighttoappealagainstitwithinaperiodof60days.
TheappealwouldbebeforethisFinancialSectorAppellateTribunal,tobeconstitutedunderthenewlaw.The
tribunalwouldhaveitsmainbenchatMumbai,andmayconstitutebenchesatotherplaces.Itwouldcomprisea
presidingofficerandtwomembers.Thepresidingofficerwouldbeasittingorretiredjudgeofahighcourtorthe
SupremeCourt.Themembersshouldhavequalificationsandexperienceinlaw,finance,economicsor
accountancy.Thetribunal'sorderwouldalsobeenforceable,likeadecreeofacivilcourt.
Apersonaggrievedbythetribunal'sorderwouldbeentitledtochallengeitinasecondappeal,tobefiledwithin
90daysbeforetheSupremeCourt.
WhenacomplaintismadetotheFRAandreferredformediation,thedisputecannotbetakentoanyothercourt,
tribunalorauthority.ItmustfollowthechannelprovidedundertheIndianfinancialcode,viz.mediation,
adjudication,firstappealbeforethetribunal,andsecondappealtotheSupremeCourt.Alternatively,the
procedureundertheIndianfinancialcodecouldbegivenagobyandtheconsumercouldinsteadoptforfilinga
disputeundertheConsumerProtectionAct.
Thus,theconsumerwouldhavetheoptionofchoosinghisremedyundertheIndianFinancialCodeorunderthe
ConsumerProtectionAct.Hecannotchooseboththeremediesorswitchfromonetotheother.Whilethe
remedyundertheIFCwouldbeeithercentralisedorlocatedincertainimportantcities,theconsumerforum
wouldbemoreaccessible,asthereisadistrictforumineachdistrict.
Thewriterisaconsumeractivist
READMOREON
FSLRC
CONSUMERISKING
INDIANFINANCIALCODE
FINANCIALREDRESSAGENCY
FRA
CONSUMERPROTECTIONACT
PF
PREVIOUSSTORY
FINANCIALSECTORLEGISLATIVEREFORMSCOMMISSION
UNIFIEDFINANCIALAUTHORITY
RBI
UFA
FINANCIALSECTORAPPELLATETRIBUNAL
OTHERS
NEXTSTORY
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Willfinancialredressagencyhelpconsumers?|BusinessStandardNews
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