Muscat – The Central Bank of Oman (CBO) has issued the Financial Consumer Protection Regulatory Framework (FCPRF) for licensed banks and finance and leasing companies in the sultanate.
The FCPRF framework was designed in line with CBO’s comprehensive strategy to protect customers and contribute to the economic growth and financial inclusion, the central bank said in a statement.
‘The framework aims to ensure consumer access to financial services and build consumer confidence in the sector, thus creating healthy competitive financial markets and adopting the best international practices to protect the financial consumers,’ CBO said.
It added that the FCPRF ensures fair delivery of financial products and services to consumers, as well as curbing poor business conduct and ineffective dispute resolution mechanisms. The ultimate goal is to increase and maintain consumer confidence and trust in the financial system, which in turn is necessary for healthy economic growth.
The Financial Consumer Protection Regulatory Framework includes five principles: Disclosure and transparency; fair treatment and business conduct; data protection and privacy; dispute resolution mechanisms; and financial education and financial capability.