UBF sets up new committees to support UAE banks’ growth – The National

UBF sets up new committees to support UAE banks’ growth – The National

UBF sets up new committees to support UAE banks' growth. The UAE Banks Federation, a body representing 53 lenders in the country, formed new committees to promote governance and the transformation of the banking sector in the UAE.. The FinTech committee will help foster an environment conducive to product and partnership innovation in the banking industry while the consumer protection committee will look at all issues related to consumer protection in the UAE.. The new committees bring the total number of technical groups operated under UBF to 22, the organisation said.. The compliance advisory committee, risk advisory committee, and information security advisory committee are the UBF's first advisory committees.. The Central Bank of the UAE recently launched a consultation exercise for a new financial consumer protection regulatory framework, which will help it develop and implement new regulations that include more comprehensive requirements for all financial institutions under its supervision, the regulator said last month.. The consultation for the new framework closely follows the central bank's move setting up a consumer protection department, which has initiated a review of consumers' experiences with financial institutions in the UAE.. The department has also carried out benchmarking exercises with other central banks to follow