The Government sets-up a Task Force to lay the roadmap for setting-up of Financial Redress Agency (FRA) as recommended by the Financial Sector Legislative Reforms Commission (FSLRC).  The Constitution of the Task Force has been put in public domain on the website of the Ministry of Finance ([email protected]).

 The Financial Sector Legislative Reforms Commission (FSLRC) set-up in March 2011, for re-writing the financial sector laws to bring them in harmony with the current requirements, submitted its Report to the Government on March 22, 2013. The Commission inter alia has recommended a non-sectoral, principle-based legislative architecture for the financial sector by restructuring/upgrading existing regulatory agencies and creating new agencies wherever needed for better governance and accountability.

Financial Redress Agency roadmap to implement a principle-based regulatory and governance framework for consumer redress. Establishment of a Task Force to design a roadmap for creating a Financial Redress Agency to implement FSLRC recommendations, with the Task Force constitution published by the Ministry of Finance and a mandate to operationalise the Commission's proposal for a specialised consumer redress agency.