What does the Central Bank require your bank to do for you?

The Central Bank’s Consumer Protection Regulation and its Standards apply to every licensed bank in the UAE, through every channel: branches, phone, app and online.¹² These are the rules that matter most for a credit card.

What must you be told before you sign?

A key facts statement, first. It must be the first document in the sales process, stand alone, be preferably no more than 2 pages in plain language, and list the rates, fees, key terms and risks, with warnings in highlighted boxes. You sign to confirm you received it.² For credit products the bank must also give you the annual percentage rate, explain how interest is calculated with an example, and give you the contract to read with time to review it.² All disclosures must be available in Arabic and English.² See how to read a key facts statement.

Can you change your mind after signing?

Yes, within 5 complete business days. That is the cooling-off period, and the bank must tell you about it when you sign. If you cancel within it, the bank refunds the related fees less reasonable direct costs it disclosed in advance.² You can waive the period only by signing a written waiver that carries a warning.² Mashreq’s key facts statement repeats the 5 business day right for its card applications.³

Which practices are banned?

Each rule is in the Consumer Protection Standards.²

How fast must the bank answer a complaint?

It must acknowledge your complaint in writing within 2 business days and send a final written response with detailed reasons within 30 business days. The response must accept or reject the complaint and tell you how to escalate it.² Steps are in how to complain about your bank.

What about your data?

Your bank must report your credit data to the credit bureau and tell you it does so. It must correct errors it reported within 7 business days of becoming aware of them. It must keep your records for at least 5 years after the relationship ends and store them in the UAE.²

Keep your key facts statement and every notice of change. Check your bank against these rules before you complain.

The small print

• The Consumer Protection Regulation is Circular No. 8 of 2020, effective 25 December 2020. The Standards were issued under Notice 1158/2021 and are mandatory and enforceable in the same way as the Regulation.¹²
• Key facts statement: clauses 2.1.1.19 to 2.1.1.22. Credit product disclosures: 2.1.3.2 and 2.1.3.4. Cooling-off: 2.1.1.31, 2.1.1.32, 5.1.1.28 and 5.1.1.30. Limit increases and bundling: 7.1.3.5 (e). Marketing calls: 5.1.1.72. Notice of changes: 2.1.1.46 and 2.1.1.47. Complaints: 8.1.2.5 and 8.1.3.7. Data: 6.1.5 and 6.1.6.²