Financial Redressal Agency Structure
Q. Which of the following is/are true regarding Financial Redressal Agency (FRA)?
1) FRA would be managed by a Board to the appointed by the RBI.
2) Independent Assessment Officer will consider complaints against the FRA’s redress function.- Published on 28 Dec 16
a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2
ANSWER: Only 2
FRA would be managed by a Board to the appointed by the financial regulators, in consultation with the Government of India (GOI).
It would also have an Independent Assessment Officer to consider complaints against the FRA’s redress function arising out of issues related to its standard of service. It would run an efficient process to manage vacancies.
FRA will provide an independent feedback loop to regulators on complaints, including information on complaints received against unregulated FSPs, with a view to assisting them in strengthening consumer protection regulation and supervision.