Ethical Selling practices framework adopted by UBF CEOs Advisory Council
CEOs Advisory Council of UAE Banks Federation (UBF), a professional representative body comprising 48 member banks operating in the UAE, hosted its third meeting this year in Dubai today. Top on the agenda was discussion and adoption of an ethical selling practices framework for the industry.
The framework comes in line with UBF’s proactive approach and early -on action to define ethical selling practices for the retail banking and wealth management sectors which aim to protect and promote the customers interests. Aligned with global best practices, the framework sets standards for ethical selling practices to be adopted uniformly by all members banks.
H.E Abdul Aziz Al Ghurair, Chairman of UBF, said: “From ethical selling and fraud prevention to cyber intelligence and SMEs support, the third Council meeting explored a wide range of topics relevant to the banking and financial landscape. UBF continues in its mandate prudently and firmly to raise the standards of banking in all domains which will help enable the UAE banking sector, the largest in the region by assets, plays its role of favorable contribution to the customers including SMEs, society and national economy.”
In another session, UBF’s Fraud Prevention Committee introduced to the Council its initiative calling for creating a central fraud repository, in collaboration with Al Etihad Credit Bureau (AECB), in order to mitigate application and lending fraud in the UAE.
The meeting also featured a presentation highlighting comparative analysis of VAT treatment of financial services in jurisdictions across the globe.
The members were also updated on progress and way forward on the initiative of Cyber threat intelligence platform which was formally launched last week.
In another session, Renée Friedman, Managing Editor of the Economist Intelligence Unit for the EMEA region, provided a macro overview of global regulatory change, and its effect on the retail-banking sector while also highlighting the emerging relationships between banks and fintechs, and how they are both responding to consumer behavior and evolving generational expectations.
The meeting witnessed attendance of Chairpersons of the Consumer, Finance, Information Security and Fraud Prevention committees.