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CBUAE to strengthen financial consumer protection framework

CBUAEThe Central Bank of the United Arab Emirates (CBUAE) announced the mandate for inclusion of protection of licensed financial institutions’ consumers under the Decretal Federal Law No. (14) Of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities. The central bank of the country launched a consultation process with stakeholders, aimed at developing a new Financial Consumer Protection Regulatory Framework.

The framework 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.

H.E. Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE enunciated, “Through this process, CBUAE will move forward with the development of a new Financial Consumer Protection Regulatory Framework to protect financial consumers.”

He further added, “The principles of the Framework include Disclosure and Transparency, Regulatory Supervision & 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.”

CBUAE has set in place the foundations for its newly-established Consumer Protection Department, which initiated an extensive review of consumers’ experiences with financial institutions in the UAE, and carried out benchmarking exercises with other central banks following international best practices.

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