Regulatory Alerts2019-02-19
A circular dated February 19, 2019 regarding instructions for protecting the rights of bank customers
The letter is addressed to the Chairman of the Board of Directors of a bank, and it discusses the importance of protecting the rights of bank customers to promote trust and competition in the banking sector. The Central Bank of Egypt has issued instructions for the protection of bank customers' rights, which aim to establish internal policies and procedures for banks and outline the principles for dealing with customers. These instructions emphasize the importance of offering suitable products and services that meet customers' needs and abilities to fulfill resulting obligations. The letter also mentions the concept of protecting customer rights, which includes clear foundations and rules governing the relationship between banks and their customers at all stages of the transaction. It highlights the need for fairness, transparency, data protection, and a clear mechanism for handling complaints. The letter refers to a previous communication dated August 2, 2018, regarding the draft instructions for protecting bank customers' rights, and mentions that after studying the comments and suggestions received from banks, the Central Bank of Egypt's Board of Directors has issued a decision on February 13, 2019, regarding the instructions for protecting bank customers' rights, allowing banks a one-year period for compliance.