Subject

In line with the Central Bank of the UAE's efforts to ensure fair and transparent treatment of consumer, the Central Bank has issued a Regulation that ensures the protection of consumers' interests when they use any financial product or service or in their relations with licensed financial institutions. It also defines duties and responsibilities related to financial institutions, taking into account the public's opinions, observations and inquiries through media and awareness campaigns organised by the Central Bank.

Objective

The main objectives of the Regulation are to protect consumers and contribute to the overall stability of the financial services sector, as it enhances the building of new culture within licensed financial institutions that specifically seeks to respect and protect consumers and work to achieve their interests.

Results

The Consumer Protection Regulation was issued as the first comprehensive regulatory framework that defines the relationship between providers of financial and banking services and products and their consumers, in order to ensure the protection of the consumers and the continuity of confidence in the financial sector.

The Regulation provides a wide range of sound behaviors expected of licensed financial institutions. It includes principles covering various areas such as disclosure, transparency, institutional oversight, market conduct, business conduct and protection of consumer data and privacy, in addition to defining responsibilities for responsible financing practices, complaints management and dispute resolutions, consumer education and awareness, financial inclusion, and compliance with the provisions of Islamic Shari'a related to financial services.

To view the Regulation, please click on the below link:

https://www.centralbank.ae/media/vi1klb11/consumer-protection-regulation_0.pdf