• Oman

    • CBO Issues Financial Consumer Protection Regulatory Framework 

    By on April 28, 2022
    cbo
    cbo

    Muscat: The Central Bank of Oman (CBO) issues the Financial Consumer Protection Regulatory Framework for licensed banks, as well as Finance an Leasing Companies in the Sultanate of Oman. 

    This framework was designed in line with CBO’s comprehensive strategy to protect customers and contribute to economic growth and financial inclusion

    The framework aims to ensure consumer access to financial services and build consumer confidence in the sector, thus creating healthy competitive financial markets and adopting the best international practices to protect the financial consumers. The framework ensures fair delivery of financial products and services to consumers, as well as curbing poor business conduct and ineffective dispute resolution mechanisms. The ultimate goal is to increase and maintain consumer confidence and trust in the financial system, which is turn is necessary for healthy economic growth. 

    The Financial Consumer Protection Regulatory Framework includes five principles.

    The first principle is disclosure and transparency and it covers requirements for the format and manner of disclosure, advertising and sales materials, the disclosure of terms and conditions, product risk, conflicts of interest, key fact statements, contract notes, statements, and notification of changes in rates terms, and conditions. 

    The second principle is fair treatment and business conduct and it covers unfair terms and conditions, unfair practices, sales practices, product suitability and appropriateness and responsible financing.

    The third principles is data protection and privacy and it covers lawful collection and usage of customer data, confidentiality and security of customers’ information and sharing customer information, organizational arrangements and reporting requirements. 

    The fourth principle is dispute resolution mechanisms and it covers the internal compliance handling mechanism

    The fifth principles is financial education and financial capability and it covers requirements for strengthening customer awareness, financial education, and financial capability. 

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