For a new Financial Consumer Protection Regulatory Framework, consultation process launched.

As per the new guidelines being drafted by the Central Bank of the UAE(CBUAE) Bank consumers and financial institution will have greater protection in UAE.

For developing a new Financial Consumer Protection Regulatory Framework, CBUAE has launched process for consultation. Which will result into resolving complaints faster as well as consumers will also receive “effective dispute resolution services”

The Governor of CBUAE, Mubarak Rashed Al Mansoori exclaimed.” Through this process, CBUAE will move forward with the development of a new Financial Consumer Protection Regulatory Framework to protect financial consumers”

The principle of the framework includes market conduct, business conduct and protection of consumer data and privacy as well as disclosure and transparency, regulatory supervision and corporate governance too.

Moreover, this particular principal is also responsible for finance practices, consumer education, awareness, financial inclusion, complaint management and dispute resolution. However, for the development of comprehensive framework in financial service Shariah compliance is essential.

Furthermore, the new regulations and standards will apply to all existing agreements, products and services of licensed financial institutions.