| CBO issues Financial Consumer Protection Regulatory Framework | | 4/28/2022 10:00:00 AM | CBO issues Financial Consumer Protection Regulatory Framework | The Central Bank of Oman (CBO) issued the Financial Consumer Protection Regulatory Framework for licensed Banks and Finance & Leasing Companies in the Sultanate of Oman. | <p><span style="text-align:justify;">The Central Bank of Oman (CBO) issued the Financial Consumer Protection Regulatory Framework for licensed Banks and Finance & Leasing Companies in the Sultanate of Oman</span><span style="text-align:justify;">.</span><span style="text-align:justify;"> This Framework was designed in line with CBO's comprehensive strategy to protect customers and contribute to the economic growth and financial inclusion.</span></p><p style="text-align:justify;">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 in turn is necessary for healthy economic growth.<br></p><p style="text-align:justify;">The Financial Consumer Protection Regulatory Framework includes five principles:<br></p><ul><li><strong>Disclosure and transparency:</strong> This principle covers requirements for the format and manner of disclosure, advertising and sales materials, disclosure of terms and conditions, disclosure of product risk, disclosure of conflicts of interest, key fact statements, contract notes, statements, and notification of changes in rates, terms, and conditions.<br></li></ul><ul><li><strong>Fair treatment and business conduct: </strong>This principle covers unfair terms and conditions, unfair practices, sales practices, product suitability and appropriateness and responsible financing.</li><li><strong>Data protection and privacy:</strong> This principle covers lawful collection and usage of customer data, confidentiality and security of customers information and sharing customer information, organizational arrangements and reporting requirements.<br></li><li><strong>Dispute resolution mechanisms:</strong> This principle covers the internal complaints handling mechanism.<br></li><li><strong>Financial Education and Financial Capability:</strong> This principle covers requirements for strengthening customer awareness, financial education, and financial capability.<br></li></ul> | 0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900075E4FF44B3F64489802BE694C5C6FB70300A9BCF8A0432A87429120A5B0A0EDBFF9 | | |