Regulatory Alerts2023-03-15
Establishment of an Ombudsman Unit for The United Arab Emirates Regulation
The Central Bank of the UAE issued this regulation to establish Sanadak, an independent Ombudsman Unit with legal personality responsible for resolving consumer complaints against licensed financial institutions and insurance companies. The framework defines the scope of application, detailed complaint resolution procedures, and the governance structure including the appointment of a Board of Directors and a Chief Ombudsman. It further mandates funding mechanisms through annual and case fees, establishes confidentiality and data protocols, and outlines enforcement measures and sanctions for non-compliance.
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