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Wednesday, 30 December 2020

The FRA just joined the fight for gender equality

SMART POLICY- Gender parity is getting a push from the Financial Regulatory Authority, which will slash development and service fees by as much as half for companies and non-banking financial institutions with women comprising at least 25% of their total staff. The higher your proportion of women on your team, the lower the development fee, the FRA says without getting into specifics. Development fees are a requirement under the Capital Markets Act.

Showing proof of gender parity while doing business will also become a prerequisite for NBFIs looking to receive or renew any licenses from the FRA, according to the statement. The regulator will require these institutions to treat clients of both genders equally in all their dealings, as well as offer products and services that cater to the needs of women (which the statement does not specify), and set up a specialized unit or department or designate an individual to handle client complaints pertaining to their gender parity.

MEANWHILE- The private sector will be getting the lion’s share in the ownership of the new futures exchange, with the FRA deciding to earmark at least 75% of the exchange to financial institutions that meet solvency standards and / or with experience in futures contracts. Nobody will hold more than 10% of the futures exchange. Details on all of the foregoing in this statement from the FRA, out yesterday.

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