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Article (20) Obligation Toward Users

  1. Open Finance Providers must operate prudently and ethically and with competence, in a manner that will not adversely affect the interests of a User or potential User.
  2. Open Finance Providers must provide a User with written terms and conditions governing their contractual relationship with the User in advance of entering into a relationship with a User for the provision of Open Finance Services.
  3.  The terms and conditions referred to in Article 20(2) of this Regulation must be written in clear, plain and understandable language, in a manner that is not misleading, and must, at a minimum, be available in Arabic and in English. To the extent that the Open Finance Provider is contractually entitled to make changes to its terms and conditions, the Open Finance Provider must provide at least sixty (60) calendar days’ notice to the User of such changes.
  4. A User is entitled to terminate its relationship with an Open Finance Provider, at no charge (direct or indirect), if the User does not accept the change(s) to the Open Finance Provider’s terms and conditions notified to the User under Article 20(3) of this Regulation.

  5. An Open Finance Provider’s terms and conditions with Users must at a minimum set out the following:

    5.1schedule of fees and charges;
    5.2contact details of the Open Finance Provider, including legal name and registered address, and the address of the agent, where applicable;
    5.3the communication channel(s) between the Open Finance Provider and the User;
    5.4the manner and timeline for notification by the User to the Open Finance Provider in case of unauthorised, delayed or incorrect Service Initiation;
    5.5information on the Open Finance Provider’s and the User’s respective liability for Unauthorized Transactions;
    5.6information on the Open Finance Provider’s complaints procedure;
    5.7information on the manner in which disputes between the Open Finance Provider and the User are to be resolved; and
    5.8the Open Finance Provider’s procedure for reporting of Unauthorized Transactions.