First Abu Dhabi BankFirst Abu Dhabi Bank P.J.S.C
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The Consumer Protection Regulation (CPR) and accompanying Standards issued by CBUAE (in January and February 2021 respectively) applies to all Licensed Financial Institutions (LFIs) and activities as specified within Article 64 of Federal Law No. 14 of 2018. The regulation and standards set out the framework and rules to ensure customers are consistently treated fairly and to promote the overall stability and credibility of the Financial Sector within the UAE.
Being the largest Bank in the UAE, FAB has been set the objective of being fully compliant with the CPR Regulation and Standards and to achieve the initiatives earmarked for closure by 30 December, 2021. FAB’s Board, management and staff are in ultimate control and are both committed and on track to comply with the regulators requirements.
The role of Group Corporate Governance’s (“GCG”) is that of being the primary governance advisor to the Bank by enabling governance and internal control mechanisms, that are best-in-class, aligned with international best practices and fit for purpose. The Consumer Protection framework has highlighted the need for more enhanced reporting to the Board under the Consumer Protection pillars of Institutional Oversight, Market and Business Conduct. Whilst GCG owns the deliverables, with input from other internal stakeholders (Compliance, HR, etc.) within FAB, it is working towards developing and introducing a comprehensive and prudent approach, which is aligned with the Consumer Protection framework, based on international best practice to ensure the outcome is resilient, fit-for-purpose and sustainable, with an overarching message that promotes a “customer centric culture” throughout FAB.
To comply with the CBUAE regulations on “Disclosures and Transparency”, Corporate Governance worked closely with all stakeholders across the Group and confirmed that all internal policies required to ensure compliance with CBUAE CG Regulations, risk management, internal controls, compliance, internal audit, financial reporting, external audit and outsourcing have been implemented and reviewed for adequacy by the Board during 2021.