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The Financial Landscape
Financial Services and Protection
Information required for consumers of financial services
The Central Bank of the United Arab Emirates (CBUAE) has established a regulatory framework to protect consumers from financial misconduct. This framework includes the Consumer Protection Regulation (CPR) and the Consumer Protection Standards (CPS).
All licensed financial institutions governed by the UAE’s Central Bank must adhere to the CPR and CPS when handling consumer data.
In addition, The Consumer Protection Department of the CBUAE works to protect consumers through education, policymaking, compliance monitoring, and tracking the resolution of complaints. Consumers, defined as individuals and/or sole proprietorship SMEs, can submit a complaint through the Central Bank of the UAE’s complaint management system once they have raised the matter with their bank or provider and if the matter remains unresolved.
For more information visit the CBUAE Consumer pages.
The Central Bank of the UAE requires the information given by financial services providers to be fair and not misleading and to highlight any special risks.
Most providers have signed up to codes of practice which require that their marketing literature and the terms and conditions in their contracts are in plain language, so that everyone can understand what they are agreeing to do and whether the product is suitable for them.
Providers must give prospective customers clear, relevant information that is not misleading and highlights any special risks. This applies even if the customer has decided to buy a product on their own initiative and without asking for advice. If the product information is misleading, the provider might have to compensate the customer later if they buy after being misled by the literature.
There are several ways in which people can obtain information direct from providers.
Sources of financial information
Bank branch
If you want to buy a particular financial service you can go into the branch of a bank and pick up leaflets and brochures on the product you want; you can also use this to ‘shop around’ for similar products offered by different providers.
Marketing brochures and phone
Providers, and especially large banks and credit card companies, send out marketing literature through email and carry out telephone marketing. This can be a good way to alert you to a new product but never give any personal or financial details over the phone. It is also advised not to buy a product in response to a cold call but always to do further research before making a purchasing decision.
Provider websites
All providers have websites, which not only give information on the wide range of products offered under various headings but also allow prospective customers to buy and manage the products online. A lot of information is given on each product, including the terms and conditions, but this can be daunting for someone who has no financial knowledge.
Websites are regulated in the same way as printed marketing materials and the information they give must be clear and accurate. Most provider websites include a facility by which people can email questions, and a helpline number is usually given so that customers and prospective customers can discuss their requirement or problem with a member of staff.
TV and radio
Many large providers and some of the smaller ones use TV and radio to advertise their products and their brands. They do not give a lot of information and are intended mainly to build awareness of the brand.
Bank Customer Service Representative /Relationship Manager
A prospective customer can arrange an interview to discuss their financial needs with a member of staff of a bank, either at the branch or by asking for a phone meeting. The member of staff can be expected to have good and accurate knowledge of the products offered by the provider and will have been trained to suit the product to the needs of the customer. However, their advice will only relate to the products provided by their particular company. It is advisable for customers to ‘shop around’ by arranging interviews with the representatives of several providers.
Newspaper
Most of the UAE’s national newspapers have a personal finance / money section in both their paper versions and their online websites. They contain a selection of current stories on personal financial products and warnings against problems and scams.
Price comparison websites
Price comparison websites have been developed to enable customers to compare financial products more easily and thus to make informed choices. They contain ‘best buy’ tables and quotation tools. They can be very helpful but customers are still advised to spend some time researching the various products because the comparison website might not compare like with like.
Family and peers
An obvious source of advice, but not always a reliable one. However, the relative or friend giving the advice may not necessarily have good (if any) knowledge of financial products. A situation in which a person would need to consult a relative or a friend is if they are buying a financial product jointly. Each should listen to the other’s point of view, take a joint decision that suits both and be fully aware of the responsibility that each has to the other.
Fraud and Security
At FAB, protecting our customers from fraud is a key priority and we take pride in our stellar record of doing so. We are always working to keep you safe by adopting global best practices in all we do. Rest assured that as our digital channels become more prevalent, they are matched in levels of security.
Get tips on how to keep your money secure from fraud by visiting our fraud page.
