They cannot substitute effective legal and regulatory systems. Expecting them to bring about systemic improvements of a sustainable nature by resorting to class action may be to expect too much from the schemes. The Ombudsman Schemes achieve two important objectives viz., timely disposal of grievances and continuing the relationship between the financial service provider and the consumer.
In my view, while market volatility will continue to ebb and flow, these fluctuations are not likely to have important implications for policy. The path of policy will depend on the progress of the economy toward fulfilment of the dual mandate. Overall, accommodative monetary policy seems to have provided significant support for U.S. growth.