To: All Licensed Financial Institutions
Subject: Consumer Protection Regulation
One of the Central Bank's objectives, as mandated by the Federal Decree-Law No. 14 of 2018 Regarding the Central Bank & Organization of Licensed Financial Institutions and Activities, is to establish Regulations and Standards for protection of Consumers of Licensed Financial Institutions.
This Regulation and the accompanying Standards are issued pursuant to the powers vested to the Central Bank according to Article 121 of the aforementioned Federal Decree-Law.
This Regulation is intended to ensure protection of Consumers' interests in their use of any financial product and/or service or relationship with Licensed Financial Institutions.
This Regulation is principles based and provides a broad scope of conduct expected from Licensed Financial Institutions.
The Regulation will be supported by Standards whereby the Central Bank will define regulatory requirements ensure consistent interpretation implementation of this Regulation.
By introducing this Regulation & the accompanying Standards, the Central Bank will ensure that the Licensed ...