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CENTRAL BANK ISSUES NEW FRAMEWORK TO PROTECT FINANCIAL CONSUMERS

The Central Bank has issued a new framework aimed at ensuring consumer access to financial services, building consumer confidence in the sector, and promoting healthy competitive financial markets. The framework takes effect immediately and is designed to ensure fair delivery of financial products and services to consumers, while also curbing poor business conduct and ineffective dispute resolution mechanisms.

KEY OBJECTIVES

  • Ensure fair delivery of financial products and services to consumers
  • Promote healthy competitive financial markets
  • Increase and maintain consumer confidence and trust in the financial system

NEW FRAMEWORK REQUIREMENTS

Financial Institutions

  • Operate with integrity and impartiality
  • Adhere to high ethical standards in their dealings with consumers
  • Establish clear guidelines for experts and bankruptcy experts on how to conduct themselves in their professional duties

Experts and Bankruptcy Experts

  • Exercise assignments honestly and faithfully
  • Maintain independence in their work
  • Observe honesty, uprightness, and integrity when practicing expert work
  • May not ask for or accept any gifts, rewards, or commissions of any kind

KEY CHANGES UNDER THE NEW FRAMEWORK

  • Experts and bankruptcy experts are required to exercise their assignments honestly and faithfully.
  • They must maintain independence in their work and not take any gifts, rewards, or commissions of any kind.
  • Financial institutions must operate with integrity and impartiality, and adhere to high ethical standards in their dealings with consumers.
  • Clear guidelines have been established for experts and bankruptcy experts on how to conduct themselves in their professional duties.

REACTION FROM EXPERTS

The new framework has been welcomed by experts in the financial sector, who see it as a major step forward in protecting financial consumers. “This is a major improvement over previous regulations,” said one expert. “It sets clear guidelines for experts and bankruptcy experts on how to conduct themselves, and will help to promote confidence among stakeholders involved in the banking sector.”

CONCLUSION

The new framework issued by the Central Bank is a significant step forward in protecting financial consumers in Oman. It establishes clear guidelines for experts and bankruptcy experts, and promotes fair and transparent business practices. The impact of this framework on the economy is expected to be positive, as it will help to promote confidence among stakeholders involved in the banking sector.

LATEST LEGISLATION AND REGULATIONS ISSUED IN OMAN IN 2022

  • Oman Ministerial Decision No. 113/2022: Issuing the Code of Conduct of Experts and Bankruptcy Experts
  • 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. 122/2022: On the Determination of the Fees of Registration of Experts
  • And many more…