MUSCAT: As part protecting the rights of the consumers, the Central Bank of Oman (CBO) has issued the Financial Consumer Protection Regulatory Framework (FCPRF) to all financial institutions in the country.
In a statement issued, CBO said the framework “is about giving, financial consumer protection the recognition and emphasis it rightly deserves.”
“Financial Consumer Protection has become increasingly important the world over in recent times. A strong consumer protection regime is key to ensuring that expanded access to financial services benefits consumers, enabling them to make well-informed decisions on how best to use financial services and building trust in the formal financial sector, thus contributing to healthy and competitive financial markets,” CBO said.
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“Central Bank of Oman is dedicated to achieving better outcomes for financial consumers, and hence is glad to issue the Final Financial Consumer Protection Regulatory Framework (FCPRF) for Licensed banks (attached). The FCPRF has been finalised after taking into consideration the feedback/comments received from Licensed Banks (through Oman Banks Association),” the statement said.
“The requirements contained in the framework are consistent with international approaches to Financial Consumer Protection. CBO is committed to performing its prudential regulatory and financial consumer protection regulatory functions to the highest international standards and in accordance with international best practices,” CBO added.
