The Central Bank directs banks to implement the consumer protection system quickly
A high-ranking banker, who preferred not to be named, said that banks are currently working on putting into practice the consumer protection system recently issued by the Central Bank, under the direction of the Central Bank.
The source told "Emirates Today" that the banks are currently preparing their technical infrastructure and completing the channels required to implement the system, which contains many precise technical points that need to be prepared, stressing that all these points are in the interest of the consumer, so the "Central" directed the need to complete them quickly. .
He explained that the implementation will take place in stages, but they are successive and fast, noting that the banks are expected to complete all stages before the end of this year.
Last February, the Central Bank issued the Consumer Protection Law, as the basis for the new regulatory framework for financial consumer protection, which aims to ensure fair treatment and protect consumers.
At the time, the Central Bank stated that the new system was based on Federal Decree Law No. (14) of 2018, regarding the Central Bank and the regulation of financial facilities and activities, which granted the Central Bank an expanded mandate to set regulations and standards to protect customers of licensed financial institutions.
The system, which is based on detailed principles, sets out a number of main objectives to ensure that the interests of consumers are protected when they use any financial product or service, or in their relations with authorized financial institutions.
The system also provides a wide range of sound behavior expected of licensed financial institutions.
It includes principles in areas such as: disclosure, transparency, institutional control, consumer data protection and privacy.
The principles also define the responsibilities of responsible finance practices, and compliance with Islamic law relating to financial services.
Banks are currently working on preparing their technical infrastructure to implement the system.
Follow our latest local and sports news and the latest political and economic developments via Google news