Amman - The Central Bank of Jordan (CBJ) has introduced the "Financial Consumer Protection Instructions for the Banking Sector" No. (14/2024), set to take effect for all banks operating in the Kingdom 90 days after publication in the Official Gazette.
اضافة اعلان
This initiative underscores the CBJ's commitment to establishing a comprehensive framework for financial consumer protection, aligning with recent developments in the banking sector. The aim is to foster sustainable development, enhance the stability of the financial system, and promote financial inclusion, said a CBJ statement.
The instructions establish a clear legislative framework governing the relationship between banks and customers. They delineate the responsibilities and obligations that banks must adhere to, ensuring compliance with internationally recognized principles of financial consumer protection.
Key principles include fair treatment of customers, transparency and disclosure, safeguarding customer data and privacy, responsible pricing, appropriate design and delivery of banking services, responsible lending practices, and preventing excessive indebtedness. The instructions also emphasize the importance of consumer awareness, education, and building financial capabilities.
Additionally, the directives address issues related to credit cards and dormant accounts, as well as setting maximum limits on fees that banks may charge for customer services.
The CBJ has made the instructions available on its website, allowing financial institutions, stakeholders, and consumers to easily access and review the new regulations.
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