CBUAE Consumer Protection: General Awareness

Course Description:

This one-day course provides a general overview of the CBUAE Consumer Protection Regulation (Circular No. 8 – 2020) and the accompanying Consumer Protection Standards. It aims to raise awareness among commercial bank staff regarding the key principles and requirements of this regulatory framework designed to protect consumers of financial products and services in the UAE. The course will cover the fundamental aspects of consumer protection as outlined by the Central Bank, highlighting the expected conduct of Licensed Financial Institutions and the importance of fair treatment of consumers.

Course Objectives:

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

The purpose and scope of the CBUAE Consumer Protection Framework.
The key principles of Disclosure and Transparency required when providing financial products and services.
The fundamental aspects of Responsible Market and Business Conduct expected from Licensed Financial Institutions.
The importance of establishing procedures for Effective Handling of Consumer Complaints.
The role of Licensed Financial Institutions in Consumer Education and Awareness.
The significance of Financial Inclusion and fair treatment of vulnerable consumers and People of Determination.
The general requirements for Advertising and Financial Promotions of financial products and services.
The importance of Protection of Consumer Data and Assets.
The core principles of Responsible Financing Practices.
The fundamental considerations for Shari’ah Compliance for Financial Services.
The significance of Institutional Oversight in ensuring consumer protection within Licensed Financial Institutions.
The importance of Staff Training, Competency, and Ethical Conduct in delivering consumer protection.

Course Outline:

Introduction to CBUAE Consumer Protection (Morning Session)
- Overview of the CBUAE’s mandate for consumer protection.
- Scope of Application of the Regulation and Standards.
- Key Definitions (Consumer, Financial Products/Services).
- Principle-based approach of the Regulation.
- The role of accompanying Standards.
- Importance of interpreting regulations in conjunction with other rules, including Shari’ah compliance.

Key Principles of Consumer Protection (Morning Session)
- Disclosure and Transparency: Providing necessary information to consumers.
  - General disclosure requirements.
  - Key Facts Statements.
  - Transparency as proactive conduct.
- Responsible Market and Business Conduct: Ethical practices and fair dealings.
  - Upholding high ethical practices.
  - Ensuring staff act competently and professionally.
  - Treating consumers fairly.

Core Requirements and Areas of Focus (Afternoon Session)
- Handling Consumer Complaints: Establishing effective procedures.
- Consumer Education and Awareness: The role of financial institutions.
- Financial Inclusion: Promoting access for all segments of society.
  - Serving vulnerable consumers and People of Determination.
- Advertising Regulations: General principles.
- Protection of Consumer Data and Assets: Ensuring security and confidentiality.
- Responsible Financing Practice: Principles to prevent over-indebtedness.
- Shari’ah Compliance: Fundamental considerations for Islamic financial services.

Institutional Oversight and Staff Conduct (Afternoon Session)
- Institutional Oversight: Responsibilities of the Board and Senior Management.
  - Establishing a consumer-centric culture.
- Staff Training, Competency, and Ethical Conduct: Ensuring qualified and ethical staff.
  - Acting in the best interest of consumers.

Course Outcomes:

Upon completion of this course, participants will be able to:

Recognise the overarching goals and the scope of application of the CBUAE Consumer Protection Regulation and Standards.
Recall the fundamental principles of Disclosure and Transparency in the context of customer interactions.
Identify key aspects of Responsible Market and Business Conduct required of commercial bank staff.
Understand the importance of effective complaint handling within the institution.
Appreciate the role of financial institutions in consumer education and awareness.
Recognise the significance of Financial Inclusion and the need to cater to vulnerable consumers.
Be aware of the general regulations concerning advertising of financial products and services.
Understand the importance of protecting consumer data and assets.
Identify the core principles of Responsible Financing Practices.
Have a basic awareness of Shari’ah Compliance requirements for relevant financial services.
Understand the role of Institutional Oversight in promoting consumer protection.
Appreciate the importance of staff competency and ethical conduct in ensuring fair customer treatment.

Training Methodology:

Interactive lectures and presentations.
Case studies and real-world examples relevant to commercial banking operations.
Group discussions and Q&A sessions.
Brief review of key articles and principles from the Regulation and Standards.

Target Audience:

Staff of Commercial Banks.

Assessment Methods:

Short quizzes or polls to gauge immediate understanding of key concepts.
Facilitated group discussions to assess comprehension and application of principles.
A brief knowledge check at the end of the session to reinforce learning.

CBUAE Consumer Protection: General Awareness