Financial Consumer Protection Regulatory Framework (FCPRF)
Type
Regulatory
Agency
Oman Central Bank
Issued on
29 Dec 2021 (corresponding to 25 Jumada Al-Awwal 1443 H)
Jurisdiction
Oman
Taxonomy
General Banking & Finance Law, Consumer Protection, Regulation & Offences
Codes of Conduct/Standards referred herein are applicable for all Products and Services offered by Licensed Entities to Individual Consumers and Small & Medium Enterprises (including Liability Offerings and Loan, Investment, Bancassurance and Other Products)
Annex - Detailed Requirements of the Financial Consumer Protection Regulatory Framework for Licensed Entities
1 - DISCLOSURE AND TRANSPARENCY
Disclosure and transparency is a cornerstone of financial consumer protection. They help consumers to understand and choose appropriate products to fit their circumstances. Disclosure and transparency also increase market competition by allowing for comparison shopping by consumers and competitive pressures across Licensed Entities, which may help to lower prices and improve the quality of products offered.