Picture for illustration purposes only.
PHOTO BY ARCHIVE
DUBAI – The UAE Central Bank on Monday (February 1) issued new measures as part of the UAE’s first financial consumer protection regulatory framework.
The regulation provides a “broad spectrum of appropriate behaviour and conduct expected of licensed financial institutions” to ensure fair treatment of banking customers.
“The issuance of the Consumer Protection Regulation comes within the Central Bank’s keenness to promote transparency and fairness when licensed financial institutions deal with their consumers,” said UAE Central Bank Governor Abdulhamid Saeed Al Ahmadi.
Al Ahmadi said the consumer protection regulatory framework “defines the relationship between the financial and banking service providers and consumers in order to ensure the protection of financial consumers and continued confidence in the sector”.
The new measures offer a more effective and efficient way of settling disputes, according to the Central Bank.
Under the new rules, banks and financial institutions are required to put an independent and fair complaint resolution system to receive and address consumer complaints.
The new regulation also requires banks to practice responsible financing by ensuring consumers’ financial situations are “properly considered in determining an appropriate level of financing” to help customers avoid becoming over-indebted.
Last year, the UAE Central Bank launched a new complaint management system for consumers to file complaints with their respective banks.
If the bank fails to respond to the complaint within 30 calendar days, consumers can then file a complaint with the Consumer Protection Department. ICA/Expat Media
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