The primary objective of this Regulation is to establish an independent Ombudsman Unit that enjoys legal personality, which shall be known as “Sanadak”. The Ombudsman Unit will provide a Complaint resolution mechanism to the consumers of Licensed Financial Institutions and Insurance Companies. Consumers can access an independent and fair Complaint resolution mechanism that will serve to strengthen Consumer trust and confidence in their relations with Licensed Financial Institutions and Insurance Companies.

This Regulation sets out the Complaint resolution mechanism framework for the establishment and functioning of the Ombudsman Unit designed to be consistent with the International Ombudsman Association’s Code of Ethics and Standards of Practice.

This Regulation seeks to enhance a culture within Licensed Financial Institutions and Insurance Companies that will respect and act in the best interest of Consumers by:

• Establishing an independent Complaint resolution mechanism for the fair, efficient and timely resolution of Complaints by the Consumers in the regulated banking and insurance services industry ;
   
• Setting consistent standards for the resolution of Consumer Complaints by Licensed Financial Institutions and Insurance Companies;
• Providing Consumers with access to relevant Information, as required, to ensure Consumers have the opportunity to make informed decisions;

• Strengthen Consumer knowledge, awareness and ability to address their concerns and / or complaints involving their relations with Licensed Financial Institutions and Insurance Companies.