All financial services are being pulled out from under the new Consumer Affairs Authority, with a financial ombudsman being floated to take up consumer grievances.
ldblquote We have got permission from the Consumer Affairs Minister Ravi Karunanayake to exempt financial institutions from the purview of the new Act
dblquote , said Bankers Association Secretary General, Gaston Gunawardena, addressing members of the Finance House Association.rn
rnldblquote The petition was based on the grounds that we would set up a scheme for financial institutions which would fall in line with government policy and objectives under the Act
dblquote , Gunawardene said.rn
rnThe ombudsman will cover all Central Bank approved finance institutions, or some 22 licensed commercial banks, 13 specialised banks, 26 finance companies, 8 leasing companies and 11 primary dealers.rn
rnModelled on similar ombudsman schemes in India and the UK, the Memorandum and Articles of Association of the lquote Company of the Financial Ombu