New Delhi : The government set up a task force to prepare a roadmap for Financial Redress Agency (FRA) which will deal with consumer grievances against all financial service providers. The task force is headed by former PFRDA chairman D Swarup and will complete its work within a year.
Besides him, there are three members and six invitees on the panel. The members are Monika Halan (Editor, Mint Money), Prithvi Haldea (Chairman, PRIME Database Group) and Coordinator, NIPFP DEA Programme.
The Financial Sector Legislative Reforms Commission (FSLRC) had recommended the creation of the FRA which would act as a unified redress agency for financial consumers across the country.
The task force will review international best practices in consumer grievance redress; review the present practices; and support the Finance Ministry in procuring the services of consultants to operationalise the FRA.
