The Central Bank of the United Arab Emirates
(UAE) has issued a directive to ban the country’s national banks
from cold-calling potential and existing customers for marketing
and sales purposes.
Unless the rules are amended following a
consultation period with the local banking association, UAE-based
banks will be banned from conducting phone-based marketing efforts
to sell financial products, such as credit cards and loans by cold
calling.
Go deeper with GlobalData
The ban follows repeated customer complaints
about banks’ alleged aggressive marketing strategies and telephone
calls at anti-social hours.
The UAE Central Bank’s move is designed to
increase competition and service quality levels.
A number of leading retail bankers told
RBI that they did not welcome the terms of the
directive.
They told RBI that the lack of
consultation and clarity relating to what exactly will be barred
once it is enacted, were matters of even greater frustration.
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By GlobalDataAt the beginning of March, the UAE Central
Bank imposed stricter retail banking rules to curb banks’
lending activities and cut down on the fees that banks charge for
personal and auto loans.
