The Central Bank of the UAE (CBUAE) has issued new Consumer Protection Regulation with the aim to ensure the fair treatment and protection of consumers, media reports said. The new regulations will ensure protection of consumers’ interest in their use of any financial product, service and relationship with Licenced Financial Institutions (LFIs). It covers areas such as transparency, institutional oversight, market conduct and protection of consumer data and privacy.
Abdulhamid M Saeed Alahmadi, Governor of CBUAE told the media, “The financial sector in the UAE is growing and expanding in terms of diverse products and services and technology, all of which are adding to the complexity of making the right decision by consumers. As a result, CBUAE has issued UAE’s first comprehensive financial consumer protection regulatory framework that defines the relationship between the financial and banking service providers and the consumers in order to ensure the protection of financial consumers and continued confidence in the sector.”
“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. It will enhance competitiveness, integrity and stability of the banking and financial sector,” he added.
It is also reported that the CBUAE has imposed financial sanctions of over Dh45.75 million on 11 banks for violating anti-money laundering (AML) regulations. The sanctions were imposed under Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT Law).