Financial Crime World

CENTRAL BANK ISSUES STATEMENT ON FRAMEWORK TO PROTECT FINANCIAL CONSUMERS

New Framework Aimed at Ensuring Consumer Access and Confidence in Financial Sector

In a move to ensure consumer access to financial services and build confidence in the sector, the Central Bank has issued a statement outlining its framework to protect financial consumers. This framework aims to promote healthy competitive financial markets by adopting best international practices and ensuring fair delivery of financial products and services to consumers.

Key Takeaways

  • The framework ensures consumer access to financial services and builds confidence in the sector.
  • It promotes healthy competitive financial markets by adopting best international practices.
  • It ensures fair delivery of financial products and services to consumers.
  • It curbs poor business conduct and ineffective dispute resolution mechanisms.
  • The ultimate goal is to increase and maintain consumer confidence and trust in the financial system.

Impact on Businesses

The implementation of this framework is expected to have a positive impact on businesses, as it will ensure that they operate with transparency and integrity. This will help to build trust between businesses and consumers, leading to increased economic growth and development.

Thoughts & Expectations for 2023

As we move into the new year, we expect to see continued efforts by the Central Bank to promote a healthy financial system. With this framework in place, we anticipate that businesses will operate with greater transparency and integrity, leading to increased consumer confidence and trust.

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The Sultanate of Oman has issued several legal and regulatory changes in 2022, including:

  • Oman Decision No. 104/2022: On the Issuance of the Governance Regulation for the Classification and Registration of Suppliers, Contractors and Consulting Offices
  • Oman Sultani Decree No. 89/2022: On the Ratification of a Cooperation Agreement Between the Government of the Sultanate of Oman and the Government of the Kingdom of Bahrain in the Security Field
  • Oman Ministerial Decision No. 113/2022: Issuing the Code of Conduct of Experts and Bankruptcy Experts

These changes are aimed at promoting transparency, integrity, and accountability across various sectors of the economy.