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10.1.1 General Provisions for Inclusion

C 8/2020 STA Effective from 25/12/2020
  1. 10.1.1.1Vulnerable Consumers are Consumers who, due to their personal circumstances, are particularly susceptible to abuse, discrimination and harm, especially when Licensed Financial Institutions do not act with appropriate levels of fairness and due care. Vulnerable Consumers normally encompass low-income, Minority Groups, People of Determination or any other disadvantaged groups.
  2. 10.1.1.2Licensed Financial Institutions must demonstrate to the Central Bank their compliance with the provisions of Federal Law No. (29) of 2006, In Respect of the Rights of People with Special Needs and any subsequent amendments or relevant laws.
  3. 10.1.1.3Licensed Financial Institutions must ensure vulnerable Consumers have access to services provided by Licensed Financial Institutions on equivalent terms with others Consumer.
  4. 10.1.1.4Licensed Financial Institutions must incorporate anti-discrimination principles into their internal code of conduct in accordance with Article 3: Institutional Oversight. The anti-discrimination principles are to ensure that Licensed Financial Institutions must, with due skill, care and diligence, act fairly, honestly and professionally in their relationship with all Consumers, regardless of their religion, gender, age, income level, and marital status.
  5. 10.1.1.5Licensed Financial Institutions must ensure their public information is available in written, verbal and/or digital formats that are suitable to Consumers from vulnerable groups. The use of plain language content and method of delivery of information to such Consumers should be focus tested before distribution.
  6. 10.1.1.6The Board and the Senior Management of Licensed Financial Institutions must ensure financial product and service design, business operations, premises and processes are made suitable and accessible to Consumers across different vulnerable groups.
  7. 10.1.1.7Licensed Financial Institutions must review its Retail Operations annually for the purpose of identifying and eliminating any unreasonable barriers to the use of the Financial Products and/or Services that may be faced by Consumers who are People of Determination.
  8. 10.1.1.8Relevant Staff of Licensed Financial Institutions must be trained on an annual basis to identify, assist and serve Consumers in vulnerable groups. Staff are expected to adhere to the Institution’s service standard for Consumers in vulnerable groups.