The UAE’s Central Bank has announced it has launched a public consultation on new financial consumer protection rules. The Bank is proposing a new Financial Consumer Protection Regulatory Framework. The aim is to help the Bank develop and implement new regulations in these areas. It will also enhance disclosure and transparency requirements, ensure timely responses to customer complaints and require financial institutions to provide consumers with effective dispute resolution services. In addition, the proposed framework covers regulatory supervision, corporate governance, market conduct, business conduct and protection of consumer data and privacy.
The aim will be to introduce more comprehensive regulations in this area for entities it supervises.