The Union Finance Minister Shri Arun Jaitley has proposed to create a task force to establish a sector neutral financial redressal agency that will address grievances against all financial service providers. Presenting the General Budget 2015-16 in the Lok Sabha here today, Shri Jaitley stated that a properly functioning capital market requires proper consumer protection.

 The Finance Minister also informed that the work assigned to the Task Forces on the Financial Data Management Centre, the Financial Sector Appellate Tribunal, the Resolution Corporation, and the Public Debt Management Agency are progressing satisfactorily.

 The Government has also received a large number of suggestions regarding the Indian Financial Code (IFC) which are currently being reviewed by the Justice SriKrishna Committee. The Finance Minister hoped that he would be able to introduce the IFC in Parliament for consideration in due course.

Sector neutral financial redressal agency to be established to address grievances across financial service providers and strengthen consumer protection. A task force is proposed to design a sector neutral financial redressal agency to handle grievances against all financial service providers, aiming to strengthen consumer protection and impose consistent redressal standards across banking, insurance, securities, and other financial sectors. Concurrently, work on task forces for a Financial Data Management Centre, a Financial Sector Appellate Tribunal, a Resolution Corporation, and a Public Debt Management Agency is progressing, and suggestions on the Indian Financial Code are being reviewed for future parliamentary consideration.