Skip to main content
Entire section Custom print Text Only Rich Text Print

10.1.2 Inclusion of Vulnerable Groups

C 8/2020 STA Effective from 25/12/2020
  1. 10.1.2.1This Section must be read in conjunction with Fair Treatment of Financially Distressed Consumers of Article 5: Business Conduct of these Standards.
  2. 10.1.2.2Pursuant to Clause 5.1.2.1 of Article 5: Business Conduct, Licensed Financial Institutions must be transparent and always disclose the lowest cost option of its Financial Products and/or Services to Consumers. Such Financial Products and/or Services include, but are not limited to, current, savings and/or call accounts. Licensed Financial Institutions should provide products and services that have minimum requirements such as minimum salary, minimum balance and can offer low fees.
  3. 10.1.2.3Licensed Financial Institutions should respect the intended Consumer rights set out in Article (123) on Inclusion, Decretal Federal Law No. (14) of 2018, Regarding the Central Bank & Organization of Financial Institutions and Activities.
  4. 10.1.2.4Licensed Financial Institutions should ensure branches and points of services used for public access and ATMs can accommodate the needs of vulnerable Consumers. The Central Bank may carry out periodic verification in line with the international standards of public access.
  5. 10.1.2.5Licensed Financial Institutions must undertake regular reviews of all publicly available information and contracts to ensure that the content and delivery of information is suitable to People of Determination. All information regarding financial product features, risks, terms and conditions must be suitable for and comprehensible to vulnerable Consumers.
  6. 10.1.2.6Licensed Financial Institutions must consider the provision of Financial Products and/or Services for residents in remote regions. Licensed Financial Institutions must assess when locating and relocating Consumer service location, the distance Consumers’ in remote locations must travel to access financial product and/or services and consider options to service those needs.
  7. 10.1.2.7Licensed Financial Institutions must serve elderly and technologically illiterate Consumers with trained Staff and interactive guides to help them use mobile applications and online services. Service must include awareness of ways to protect Consumers from fraud and cyber-attacks.
  8. 10.1.2.8Provision of services for Consumers who are illiterate and do not have a nominated representative must include, but not be limited to, audio information about financial products and contracts that do not exclude or distort any information to ensure that such Consumers make informed decisions.
  9. 10.1.2.9Licensed Financial Institutions should inform illiterate Consumers that they may choose to conduct interactions with their Licensed Financial Institution in the presence of their trusted Person such as an advisor, family member or friend.