On Oct. 16, JOR CB issued consumer protection rules for banks.
JOR CB published financial consumer protection instructions for the banking sector.
Overview
Instructions cover consumer protection with respect to retail wallets; disclosures; deposit contracts and related forms for opening accounts; electronic services.
Also, re third party transactions; data privacy; responsible pricing; design of banking services; lending practices; consumer awareness, education; cards; dormant accounts.
Banks must treat all consumers with fairly in all stages of the relationship.
Particularly with consumers of low income, seniors, and consumers with a disability.
All instructions and publications that contradict these 2024 instructions are repealed.
Effectiveness
Instructions are effective 90 after the date of publication in the official gazette.
