finance commission is appointed for a period of
Finance Commission The Finance Commission was established by the President of India in 1951 under Article 280 of the Indian Constitution. It was formed to define the financial relations between the central government of India and the individual state governments. The Finance Commission (Miscellaneous Provisions) Act of 1951 additionally defines the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.[1] As per the Constitution, the Commission is appointed every five years and consists of a chairman and four other members.
Financial Ombudsman Service The board of the Financial Ombudsman Service[42] is appointed by the Financial Conduct Authority â€“ and the appointment of the chairman is approved by HM Treasury. The board's role includes guarding the independence of the ombudsman - from undue influence by the financial services industry and trade bodies, regulators, consumer groups and government. Board members are non-executive - they have no involvement in individual complaints.