Oman: New Banking Consumer Protection Guidelines

Oman: New Banking Consumer Protection Guidelines News developments

Oman: New Banking Consumer Protection Guidelines

Oman Observer, 28 April 2022: The Central Bank of Oman (CBO) has issued a Financial Consumer Protection Regulatory Framework for licensed banks, and Finance and Leasing Companies (FLCs), in Oman.

The Framework follows the Central Bank’s strategy to protect customers and help support the economy and financial inclusion. It aims to ensure customers have access to financial services and help build consumer confidence in the sector. The framework covers five areas which are disclosure and transparency, fair treatment and business conduct, data protection and privacy, provision of dispute resolution mechanisms and provision of financial education and financial capability.

It covers the format and manner of disclosures in advertising and sales materials, disclosure of terms and conditions as well as requiring information on product risks, conflict of interests and key fact statements.

Contract notes and statements and notifications of changes in rates and terms and conditions are also covered. There are also requirements governing unfair terms and conditions, unfair practices, sales practices and considerations of product suitability.

In addition, customer data must be lawfully collected and used, and held securely. Internal complaints handling is also covered.

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Benjamin Filaferro