Jordan's central bank issues new financial consumer protection rules

By bnm Gulf bureau October 21, 2024

The Central Bank of Jordan (CBJ) has issued new "Financial Consumer Protection Instructions for the Banking Sector" (No. 14/2024), set to take effect 90 days after publication in the official gazette, the bank announced on October 21.

The new regulations, applicable to all banks operating in Jordan, aim to establish a comprehensive framework for financial consumer protection that aligns with recent developments in the kingdom's banking sector.

The instructions set clear legislative controls to regulate the relationship between banks and customers, define banks' responsibilities and duties, and ensure adherence to internationally recognised financial consumer protection principles.

These principles cover fair customer treatment, disclosure and transparency, protection of customer data and privacy, responsible pricing, appropriate design and delivery of banking services, responsible lending, and financial literacy.

The CBJ said the new framework aims to contribute to sustainable development, financial system stability, and enhanced financial inclusion.

The instructions also include provisions related to credit cards and dormant accounts, and set maximum limits on fees charged by banks for customer services.

"This step comes from the Central Bank's keenness to establish a comprehensive framework for financial consumer protection," the CBJ said in a statement.

#BNM #Jordan #MiddleEast #banking

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