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Tuesday, October 3, 2023

Financial independence of a Financial Institution

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Transformation of the Financial Institution into an independent service of the state which should become completely independent from the financial enterprises, is one of the main suggestions contained in the information note of the Office of the Financial Commissioner on “summary analysis of activities until 31/12/2021 “, On the occasion of today's debate on the budget in the parliamentary Committee on Finance. The discussion takes place at a time when the Ministry of Finance has limited the budget for staff increases and it is clarified that the Agency is not funded by the state but by financial companies, mainly banks.

As noted in the note to Parliament “it goes without saying & nbsp; that the Agency should soon become fully independent of financial enterprises. Such independence can only be achieved by transforming the Agency into an independent service of the state. In any case, this development is an insurmountable need in order to effectively implement the law on alternative dispute resolution of 2017 (85 (I)/2017). Until then, however, the also insurmountable need remains for the Agency to be allowed to operate without obstacles, illegal interventions and distortions in the existing legal framework. That is, to operate impartially, without dependencies “.

Among other things, the note states that “the increasing rate at which financial corporations accept, in whole or in part, the decisions of the Financial Commissioner now demonstrates the importance and necessity of making his decisions binding. It is understood, of course, that this binding will be assisted by a mechanism to safeguard the relevant constitutional order, as regards the right of natural and legal persons to appeal to the court against decisions of an administrative nature. “

There are also reports of the staff of the Service which “should reflect and fully integrate its independence and comply with the provisions of Article 4 (2) of the Law, in order to ensure the ability of the Financial Commissioner to effectively implement the Law.” Finally mentioned in the note & nbsp; “The further digitization of the services of the Office of the Commissioner, so that the Agency becomes accessible to consumers throughout the grievance process, is one of the priorities of the Agency, but also its institutional obligation. Internet access is also required by European Union directives and regulations. “

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Source: www.philenews.com

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