Best conduct of business regulator

The conduct of all firms, including all those authorised and subject to prudential supervision and their dealings with ordinary retail consumers, in wholesale markets and market conduct in general falls under the purview of the conduct of business regulator. The main idea behind its existence is to be able to ensure confidence in financial services and markets, with a particular focus on protecting consumers and ensuring market integrity. Apart from being transparent and independent, the composition of the regulatory board - industry players being a part of the board- play a major role in measuring its effectiveness.

Evaluating Dimension Weightage (%)
1. Transparency 20
  Clarity in the agency's mandates, objectives, rules responsibilities and procedures
  Appointment procedures of senior staff of the agency.
  Strength of Accountability mechanisms
2. Independence and governance 20
  Method of appointment of the managing board
  Method of appointment of governor
  Immunities if any enjoyed by the governor and/or board members
3. Conflict of interest Vs. closeness to the industry 20
4. Presence of an Ombudsman in the system (not necessarily in this institution) 15
  Track record in resolution of issues
5. Right to punitive enforceable action 25
  Exists
  Does not exist
  Exercised in the past 3 years?
  Final Score 100

As we continue to develop and refine our scorecards, we hope to present a better and more accurate instrument to gauge the performance of regulators over a certain time period against that of their peers and competitors. Ultimately, the Regulation Awards is intended not only as an awards programme, but also as a reflective opportunity. In that sense, the programme - and the scorecard - have been developed to enable regulators to grow, evolve and expand.

Related Events
 
Important Links
The Risk and Regulation Working Group
Award Winners 2016
   
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