CBUAE Consumer Protection Awareness for Frontline Bank Staff

Course Description:

This one-day course provides targeted awareness of the

CBUAE Consumer Protection Regulation (Circular No. 8 – 2020)

and the accompanying

Consumer Protection Standards

specifically relevant to frontline staff responsibilities. The training will focus on key principles and requirements related to account opening, providing information and advice on financial products, and ensuring fair treatment and appropriate service for diverse customer segments, including ‘Vulnerable Groups’, ‘People of Determination’, VIPs, and High Networth Individuals, in line with the Central Bank’s regulations and standards.

Course Objectives:

The objective of this training is to introduce participants to the following main topics:

The fundamental principles of the CBUAE Consumer Protection Framework, its purpose, scope, and the role of frontline staff.
The key requirements for Disclosure and Transparency when opening accounts and providing information on savings, deposits, and investment products, including the use of Key Facts Statements.
The principles of Responsible Market and Business Conduct and their application in daily interactions with customers.
Specific guidelines for ensuring Fair Treatment of Consumers, including ethical behaviour, providing clear information, and not restricting customer choices.
Understanding and applying the principles for the Protection of Consumer Data and Assets during account opening and customer service processes.
Key considerations related to Financial Inclusion and providing appropriate services to ‘Vulnerable Groups’ and ‘People of Determination’, including accessibility and tailored communication.
General awareness of Consumer Education and Awareness initiatives and the frontline staff’s role in this.
Basic understanding of Complaint Management and Complaint Resolution procedures and how frontline staff should handle initial inquiries.
Specific considerations for serving VIPs and High Networth Individuals while adhering to consumer protection principles.
An overview of Shari’ah Compliance considerations relevant to Islamic financial products, if applicable to the institution.
The importance of Staff Training, Competency, and Ethical Conduct in delivering effective consumer protection.

Course Outline:

Introduction to CBUAE Consumer Protection (Morning Session)
- Overview of the CBUAE’s mandate for consumer protection and the relevance of the Regulation and Standards.
- Scope of Application and Key Definitions relevant to frontline staff (e.g., Consumer, Financial Products/Services).
- The principle-based approach of the Regulation and the role of accompanying Standards.
- The importance of interpreting regulations in conjunction with other rules, including Shari’ah compliance where applicable.
- The role and responsibilities of frontline staff in upholding consumer protection.

Disclosure, Transparency, and Fair Business Conduct (Morning Session)
- Detailed requirements for Disclosure and Transparency across all service channels.
- Providing clear, accurate, and comprehensive information before, during, and after offering financial products and services, including account opening.
- Understanding and utilising Key Facts Statements for different financial products.
- Ensuring information is accessible and in a suitable format for all consumers, including ‘People of Determination’.
- The importance of plain language and user-friendly communication.
- Avoiding partial or biased disclosure.
- Principles of Responsible Market and Business Conduct and acting with integrity and in the best interests of consumers.
- Ethical behaviour of staff and internal codes of conduct.

Serving Diverse Customer Segments (Afternoon Session)
- Financial Inclusion: Understanding and addressing the needs of ‘Vulnerable Groups’ and ‘People of Determination’.
  - Identifying vulnerable consumers and providing appropriate assistance.
  - Ensuring accessibility of services and information.
  - Offering basic and low-cost financial products and services.
- Considerations for serving VIPs and High Networth Individuals while maintaining fair treatment and transparency.
- General awareness of anti-discrimination principles.
- Serving elderly and technologically illiterate consumers.

Key Operational Aspects and Responsibilities (Afternoon Session)
- Account Opening Procedures: Relevant disclosure requirements and data protection measures.
- Providing Advice on Savings, Deposits, and Investment Products: Ensuring suitability, transparency on fees and charges.
- General awareness of Responsible Financing Practices and the need for documented consent.
- Basic understanding of Complaint Handling Procedures and directing customers appropriately.
- The frontline staff’s role in promoting Consumer Education and Awareness.
- Importance of protecting Consumer Data and Assets and maintaining confidentiality.
- Overview of relevant aspects of Shari’ah Compliance for Financial Services (if applicable).

Training Methodology:

Interactive lectures and presentations with real-life scenarios relevant to frontline banking operations.
Case studies and group discussions focusing on practical application of the regulations and standards in customer interactions.
Role-playing exercises simulating customer interactions involving diverse customer segments.
Quizzes and polls to reinforce understanding of key concepts.
Use of practical examples and best practices in disclosure and customer service.

Target Audience:

Frontline staff of commercial banks

Assessment Methods:

Short quizzes or polls during the training sessions to gauge immediate understanding.
Observation of participation in group discussions and role-playing exercises.
A brief multiple-choice or short-answer knowledge check at the end of the session to assess overall comprehension.
Feedback forms to evaluate the effectiveness of the training.

CBUAE Consumer Protection Awareness for Frontline Bank Staff