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  • Article 9: Consumer Education and Awareness

    • 9.1 Consumer Education and Awareness

      • 9.1.1 General Provisions for Consumer Education and Awareness

        1. 9.1.1.1In support of Article (121), Clause 2 in Decretal Federal Law No. (14) of 2018, Regarding the Central Bank & Organization of Financial Institutions and Activities, Licensed Financial Institutions must establish a Consumer Education and Awareness (CEA) function responsible for educational and awareness programs for Consumers and the general public. All educational and awareness programs should limit the amount of promotion of the Licensed Financial Institution’s Financial Products and/or Services and refer to choices as to the types and characteristics of Financial Products and/or Services in a generic manner.
        2. 9.1.1.2Licensed Financial Institutions may collaborate and / or coordinate programs with other organizations but must ensure their respective consumer base have full access to programs. A CEA function responsible for such programs must be designated within the Licensed Financial Institution.
        3. 9.1.1.3By January 31st of every year, a Licensed Financial Institution must file a summary report with the Central Bank setting out its past year’s educational and awareness activities. The report must also contain its proposed program for the coming year.
        4. 9.1.1.4The CEA function should, when feasible, test the content and delivery of all initiatives before customer / public release on a broadly representative sample of audience to ensure each initiative is suitable for its target audience and achieves its objectives.
        5. 9.1.1.5The CEA function must conduct an annual review of its educational initiatives. The initiatives are to be assessed on their impact and reach. Based on the assessment of initiatives, the function should make adjustments as necessary.
        6. 9.1.1.6The Central Bank may issue guidance recommending the focus, content or approach of the educational and awareness programs to be provided by Licensed Financial Institutions.