By Gavin Gibbon
Consultation process launched for new Financial Consumer Protection Regulatory Framework
Customers of banks and financial institutions in the UAE will have greater protection under new guidelines being drafted by the Central Bank of the UAE (CBUAE).
CBUAE has launched a consultation process into developing a new Financial Consumer Protection Regulatory Framework, which will ensure complaints are dealt with quickly and customers receiving “effective dispute resolution services”.
Mubarak Rashed Al Mansoori, governor of the CBUAE, said: “Through this process, CBUAE will move forward with the development of a new Financial Consumer Protection Regulatory Framework to protect financial consumers.
“The principles of the framework include disclosure and transparency, regulatory supervision and corporate governance, market conduct, business conduct and protection of consumer data and privacy.
“Moreover, the principles of responsible financing practice, complaint management and dispute resolution, consumer education and awareness and financial inclusion and Shari’ah compliance for financial services, are essential for the development of a comprehensive framework.”
The new regulations and standards will apply to all existing agreements, products and services of licensed financial institutions.