Including fair treatment, transparency in information and attention to complaints
Financial services .. «The Union of Banks» specifies 15 rights for the customer on the bank
The «Banking Union» stressed the importance of not exceeding the rates of declared fees or imposing hidden fees.
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The Emirates Banks Federation said that there are 15 rights for the customer on the bank he deals with, stressing that the bank must observe those rights and a number of important criteria when dealing with customers.
The federation explained that the 15 rights include:
1- Treating clients fairly and taking into account their interests.
2- Paying attention to customer complaints and dealing with them promptly, efficiently and fairly.
3- Special attention to the elderly and people with special needs.
4- Presenting the interest rates on deposits in a clear and visible way, and working on updating them periodically.
5- Implementing the customer’s instructions quickly to avoid causing financial losses.
6- Employing appropriate systems and processes to ensure rapid response to customer complaints and dealing with them.
7- Taking appropriate care to ensure that the borrower and the guarantor are aware of the obligations involved in obtaining the facilities.
8- Observe transparency in reporting applicable interest rates and service fees, and displaying them on banks' websites or through billboards in branches.
9- Disclosing in particular the actual interest rates and not the fixed interest rates. In the case of using terms such as the cost of financing or the basic interest rate, the calculation process followed for customers and the market must be clarified.
10- Not to exceed the declared fees rates or impose hidden fees, fines or other fees without being mentioned in the contract or agreed upon.
11- Providing support to clients who face financial difficulties in managing their debts.
12 - Seek to develop a payment plan for the client before resorting to external means to collect the debt or take any legal measures.
13- Giving the customer prior notice, whenever possible, of appointing agents to collect debts, and ensuring that the bank takes appropriate steps to ensure that collection personnel carry out their work in accordance with the framework of responsible behavioral and ethical practices.
14- Making information available to clients in both Arabic and English, or any additional optional languages commensurate with the cultural and ethnic diversity of the clients.
15- Providing appropriate protection for clients' assets when he is responsible for them, especially assets that are outsourced to manage them.
Ensure guidance is provided
The Federation of Emirates Banks stressed on meeting the training needs of employees to ensure that they provide instructions to customers on a range of matters, including the suitability of products and services for retail banking customers, in addition to providing advice and instructions to customers in a way they can rely on, as well as providing customers with a copy (or providing them with a copy) From the contract, the banking process or the agreement, before or during its implementation, in addition to meeting customers' needs for information and communicating it to them in clear, fair and not misleading ways, and full disclosure to the customer of important and appropriate information, including submitting account statements or banking transactions periodically or upon request.
The
Federation emphasized the importance of disclosing the actual interest rates, not the fixed interest rates.
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