Consumer Protection Standards

Why did CBUAE enact the Consumer Protection Regulation? (Choose three)

• Profitability of Bank

• Stability of the Financial Services industry

• Build Consumer Trust

• Protection of Consumers

Consumer Protection standards have 10 Pillars. Choose three that are correct.

• Disclosure & Transparency

• Oversight by Management

• Complaints Management

• Financial Exclusion

As per Consumer Protection Regulation, a Consumer includes? (Choose two)

• Natural Person

• Proprietor

• LLC

• PJSC

What are the indicators of mis-selling to consumers?( Choose three)

• Misleading product brochure

• Sales to under-aged

• Product Suitability

• Bundled Products

What are the ethical obligations of Bankers?( Choose Three)

• Supplying Written documentation of transaction

• Customer Interest over Employer Interest

• Highlighting all risks

• Hiding negative attributes of Product

What are the requirements of T&D (Transparency and Disclosure) as per Consumer Protection Regulations?(Choose three)

• Information must be published in Arabic and English

• Information must be in clear and plain language

• Schedule of Fees must be disclosed but not Third Party Fees

• Provide Key Facts Statement before providing a Financial Product and/or Service

What are the attributes of Institutional Oversight in Consumer Protection? (Choose three)

• a supportive and constructive corporate culture

• proper monitoring and controls

• engaging well-qualified staff

• Lack of Independent Internal Audit

What are the attributes of good Market Conduct? (Choose three)

• Protection of consumers

• Protection of Businesses

• Promote competition

• Protection of financial markets

What are the attributes of responsible Financing Practice? (Choose three)

• Prevent High Indebetness

• Proper Loan Documentation

• Higher the Risk , Lower the Fees

• Analyze client attributes from independent sources

Branches and points of services used for public access and ATMs should accommodate the needs of vulnerable Consumers. True or False

• True

• False