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UAE Central Bank seeks feedback on new financial consumer protection rules

The Central Bank of the UAE is seeking feedback from key stakeholders in the UAE for a new regulatory framework aimed at better protecting financial consumers in the second-biggest Arab economy.

As part of a new Financial Consumer Protection Regulatory Framework, the Central Bank of UAE is calling for feedback to help develop and implement new regulations, encompassing more comprehensive requirements for all financial institutions under its ambit. The draft will also contain enhancements on the quality of disclosure and transparency while seeking to ensure timely responses to customer complaints that will require financial institutions in offering customers with effective dispute resolution services. The framework will also cover areas such as regulatory supervision, corporate governance, market conduct, business conduct, and protection of consumer data and privacy.

Source: The National