The digital landscape is evolving rapidly, accompanied by the increased usage of advanced technologies to process consumer data. This has emphasized the need for consumer protection and associated rights.
The Central Bank of the UAE (CBUAE) has issued the Consumer Protection Regulation (the Regulation), acting as an overarching regulatory framework for licensed financial institutions (LFIs). The Regulation ensures consumers’ interests are protected when using any financial product and/or service or when a relationship with an LFI exists.
By introducing this regulation and the accompanying standards, the CBUAE seeks to ensure that LFIs’ approach to consumer protection is in line with international standards. The Regulation focuses on developing a variety of capabilities to understand, manage and protect consumers’ data and associated complaints/inquiries.
This regulation and accompanying standards apply to all LFIs licensed by the CBUAE, in relation to activities specified in Article 65 of the Decretal Law No. 14 of 2018.
The primary objective of the Regulation is to protect consumers and contribute to the overall stability of the financial services industry. The Regulation aims to strengthen governance and promote responsible financing practices and protect consumer rights