Consider new regulations for customers of banks, insurance and funding companies news update
The Saudi Central Bank (SAMA) has hinted at issuing new rules to protect financial institution account holders. Banks, insurance and funding companies are considering new regulations to protect consumers.
According to the Okaz newspaper, the new rules will require financial institutions to deal exclusively with limited income, low education, the elderly and the disabled. Sama has asked financial institutions to deal with their clients on humanitarian grounds in case of emergency financial problems.
Take social responsibility in this regard. Before taking legal action against them, focus on finding an appropriate solution to the problem.
Sama has asked the financial institutions to clarify the rights and duties of each party in an appropriate manner. Information on financial services and schemes should be communicated to the consumers in a general manner.news update
The instructions should be concise, clear, not misleading, blunt, unambiguous. Sama also asked all banks and financial companies to read carefully the agreements and annexes made with them.
Provide all information about any document that requires the signature or approval of the user or account holder. Only then can it be signed or approved.
Sama has also banned banks and financial companies from using fine print in their papers. The font for the script must be at least 14. According to newspaper 24, one of the new rules that Sama has set for financial institutions is to ban financial institutions from providing protection to their account holders. Protect their data and personal information. Compensate them for hacking. Any loss to the account holder should be remedied.
