SET UP FINANCIAL SERVICES AUTHORITY AND FINANCIAL OMBUDSMAN IN GHANA—HACKMAN OWUSU-AGYEMANG

The MP for New Juaben North, Hon. Hackman Owusu-Agyemang has stressed the need for Government to set up a Financial Services Authority and a Financial Ombudsman in the country to regulate the activities of the financial sector in order to promote efficiency, orderliness and fairness in financial retailing. He was making a statement on the Floor of Parliament.

Hon. Owusu-Agyemang noted that a Financial Service Authority (FSA) is normally set up by the Government who is also solely responsible for regulating the financial service markets, exchanges and firms. ‘It sets the standards that they must meet and can take action against firms if they fail to meet the required standards’, he added.

 FSAs are normally set up by an act of Parliament from which they derive their powers, and they are accountable to the public, industry, government and parliament. In other jurisdictions, FSAs are basically funded from industry and the firms they regulate.

The New Juaben North MP also called for the setting up a Financial Ombudsman alongside the Financial Service Authority to help settle individual complaints between consumers and businesses providing financial services.

To this end, he intimated, the Financial Ombudsman will be set up by an act of Parliament, and will be independent, impartial as well as provide free services -- carrying out findings and settling disputes informally through adjudication.