<h1>FSLRC Proposes Overhaul of Financial Sector Laws with New Agencies for Consumer Protection and Regulation.</h1> The Financial Sector Legislative Reforms Commission (FSLRC) has proposed a comprehensive overhaul of the financial sector's legislative framework, advocating for a non-sectoral, principle-based approach. Key recommendations include restructuring existing regulatory bodies and establishing new ones, such as the Unified Financial Agency and Financial Redressal Agency, among others. The FSLRC suggests a seven-agency structure to address consumer protection, prudential regulation, and other financial sector mandates. While non-legislative recommendations focusing on governance and transparency are being voluntarily implemented, legislative changes require extensive stakeholder consultation. These details were shared by the Minister of State for Finance in a Lok Sabha session.