By Sam Bridge
Consultations start on plans to establish new financial consumer protection regulatory framework in the UAE
The Central Bank of the UAE has launched a consultation process with key stakeholders, aimed at developing a new financial consumer protection regulatory framework.
Officials said the framework will strengthen the protection of consumers in the UAE through more comprehensive requirements to be met by all financial institutions that are subject to central bank supervision.
It will include enhancements to the quality of disclosure and transparency, ensure timely responses to customer complaints and will require financial institutions to provide consumers with effective dispute resolution services, a statement said.
CBUAE said it has set in place the foundations for a new Consumer Protection Department, which has initiated an extensive review of consumers’ experiences with financial institutions in the UAE.
Mubarak Rashed Al Mansoori, governor of the Central Bank of the UAE, said: "Through this process, CBUAE will move forward with the development of a new financial consumer protection regulatory framework to protect financial consumers.”
During the consultation process, comments shall be reviewed, finalised and integrated in the proposed framework before it is presented to the central bank's board of directors for final approval.