Central Bank of Oman (CBO) has issued the Financial Consumer Protection Regulatory Framework for licensed banks, as well as finance and leasing companies in Oman. As part of CBO’s comprehensive strategy for protecting customers and contributing to fiscal inclusion and economic growth, this framework was designed.
By creating healthy, competitive financial markets and adopting international best practices to protect financial consumers, the framework aims to ensure consumer access to financial services and build consumer confidence in the sector. In addition to ensuring fair delivery of financial products and services, the framework curbs poor business conduct and ineffective dispute resolution. In order for the economy to grow, consumer confidence and trust in the financial system must increase.
