The Fintech Association for Consumer Empowerment (FACE), a self-regulatory organisation recognised by the Reserve Bank of India (RBI), has rolled out new whistleblower guidelines to tighten oversight in one of the country’s fastest-growing financial sectors.
The standards draw on existing laws and global best practices, providing fintech companies with a framework to establish internal reporting systems for employees and stakeholders to flag misconduct. The guidelines emphasise protections against retaliation, formal oversight procedures, and stricter documentation requirements.
The framework requires at least two secure channels for complaints, including an anonymous option, and mandates acknowledging complaints within seven working days. Investigations should normally conclude within 90 days, extendable by another 90-day period following approval from the audit committee. Companies must submit quarterly summaries to both their audit panels and FACE, which will escalate findings to the RBI, if necessary.
The frameworks also specify protections for employees and third parties who raise concerns, establish confidential reporting channels to the compliance officer or audit committee, and bar retaliation against whistleblowers. Complaints are reviewed by the audit committee, which oversees investigations and recommends disciplinary action when warranted.
Other provisions include protections for whistleblowers from discrimination or dismissal, mandatory annual training, and...
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