Your Banking Experience in UAE to Improve, Here’s Why

Your Banking Experience in UAE to Improve, Here’s Why

The apex bank said the new framework will help consumers to make a quick and right decision amidst the growing and expanding financial sector in terms of new entrants and new products.. Under the new framework, banks and financial institutions must provide quality information that provide facts while advertisements and promotions also must provide pertinent information to consumers to make right decision.. Banks and financial institutions in the UAE will have to process consumer complaints within a certain timeframe and also give clear reasons in writing on the matter under the new framework which the Central Bank is developing.. Vijay Valecha, chief investment officer at Century Financial, said that the new "Financial Consumer Protection Regulatory Framework" that the Central Bank is planning to develop will provide UAE financial consumers with effective dispute resolution and improve transparency as well as disclosure..