The Managing Director of Barclays Bank Ghana, Mr. Benjamin Dabrah has called for the speedy establishment of the Financial Services Authority (FSA), aimed at promoting efficient, orderly and fair financial markets and help retail financial services consumers.
This he said will effectively regulate the financial service market, exchanges and the firms.
“It’s a positive decision to introduce FSA for the financial market which will ensure the compliance of all the players in the financial service.
“It is good to imitate the best practice from developed countries like United Kingdom which will promote standardization in the industry. Its establishment will help retail consumers achieve a fair deal,” he said.
The FSA is normally set up by an act of Parliament and thus ultimately derives its powers from Parliament and accountable to the public, industry, government and Parliament.
It sets the standard that financial institutions must meet and can take action against firms if they fail to meet the required standards.
Government is responsible for the overall scope of the FSA’s regulatory activities and for its powers.
The FSA is obliged to have regard for principles of good regulation. It will promote efficient, orderly and fair markets.
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