BENGALURU: Budget 2015-2016 is a budget that is futuristic in its approach and reformist in its spirit, says Firstpost. Much has been spoken and written about this first NDA budget, but two major reforms if practiced well, will change the financial business in India and they are the Financial Redressal Agency and the Indian Financial Code.

Now comes the bigger question. How are they better than the already existing laws? Let us look into that:

Financial Redressal Agency (FRA): Corruption in India is just as much an institution as judicial system is. Mis-selling likewise has been made quasi-legal. Customers are clueless when it comes to seeking justice and they do not know who to complain to. All they seek is to get enough return on investment at a low cost and transparent architecture. Now FRA comes into place. It is going to be the single complaint management agency.

Financial Sector Legislative Reforms Commission (FSLRC) says, “The FRA will setup a nationwide machinery to become a one-stop shop where consumers can carry complaints against all financial firms.” This will end those days when people had to run from one regulator to another regulator.

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