Picture for illustration purposes only.
PHOTO BY ARCHIVE
DUBAI – The UAE Central Bank announced on Monday (February 10) that it will develop a new framework to protect bank customers, particularly those with complaints and disputes.
The Central Bank said it has launched a “consultation process” with key stakeholders to develop a new Financial Consumer Protection Regulatory Framework.
Complaint management and dispute resolution of bank-related consumer issues will be part of the essential components within the new framework.
The new rules will ensure timely responses to customer complaints and will require financial institutions to provide consumers with effective dispute resolution services.
It will also include details on disclosure and transparency, regulatory supervision and corporate governance, market and business conduct, and protection of consumer data.
Other essential components include principles of responsible financial practices, consumer education and awareness, financial inclusion, and Sharia compliance of financial services.
According to the Central Bank, the new rule will strengthen the protection of financial consumers in the UAE and will ensure that all financial institutions meet requirements set by the authority.
“Through this process, the CBUAE will move forward with the development of a new Financial Consumer Protection Regulatory Framework to protect financial consumers,” said Mubarak Rashed Khamis Al Mansoori, Governor of UAE Central Bank. ICA/WAM/Expat Media
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