The Central Bank of the UAE issued the Consumer Protection Regulation 8/2020 on 25 November 2020, along with the Standards, and these are applicable to all licensed financial institutions (FIs) in the UAE. As an FI, you were required to have your plans in place by May 2021, and the deadline for implementation of these plans is the end of 2021.
These regulations are principles based and are a significant step in regulating the interests of consumers, in line with international standards. The regulations are all encompassing and include governance, risk and culture aspects within financial institutions, as well as design and implementation of products, advertising, redress of customer complaints and inclusion aspects.
The implementation of the Consumer Protection Regulations will need to be done in a robust and effective manner by the first line of defence, and monitored carefully by the second line, especially Compliance Officers.
Do you have the resources and skills in-house to do this? If you need support on execution and monitoring of the implementation plan, get in touch with me at SYG Consulting.
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