The Central Bank of the United Arab Emirates (CBUAE) has established the market conduct supervision (MCS) framework to oversee licensed financial institutions (LFIs) in relation to conduct risk and compliance with the consumer protection regulation and standards.
On 17 March 2025, the CBUAE issued notice number 1552/2025 to all LFIs announcing the implementation of its annual skilled persons reviews as part of its supervisory strategy. The role of the MCS is to conduct examinations of LFIs, including the annual skilled persons review, which covers key areas of the regulation and standards along with additional aspects agreed upon with the CBUAE.
KPMG has been selected as one of the approved consultants for this program. Our team comprises both local and international experts in conduct and culture who are committed to delivering strategic opportunities and practical solutions. Drawing on our extensive knowledge and experience, we apply a tailored approach and proven methodology that align with the expectations of the CBUAE, focusing on identifying the root cause of organizations’ conduct issues.
It is critical that organizations leverage the skilled persons review as an opportunity to conduct a stocktake of their progress to date, re-assess their conduct risk journey and address any gaps to promote and embed an effective and resilient conduct-focused culture.
Overview of the CBUAE’s consumer protection regulation
The CBUAE issued regulation and standards to protect consumers’ interests in their use of financial products and services, as well as in their relationships with LFIs.
Setting standards of business and market conduct by LFIs.
Prioritizing the governance and oversight of financial products and services in addition to design, promotion and sale.
Promoting responsible financing practices to protect consumers from becoming over indebted.
Implementing clear and reasonable mechanisms by LFIs for redress of consumer complaints.
Promoting inclusions for all segments of society by eliminating unreasonable barriers or practices that limit access to financial products and services.
Ensuring the quality and timing of effective disclosure to consumers by LFIs regarding matters and risks that may affect a consumer’s decision to purchase a financial product or service.
Providing consumers with access to the right information at the right time to make informed decisions.
Addressing unreasonable barriers and limits to fair competition and consumer choice.
Improving consumers’ knowledge, awareness and ability to assess financial products and services.
At KPMG, we believe the smartest businesses do not just manage conduct risk, they use it as a source of sustainable growth and a competitive edge. KPMG is at the forefront of this effort, collaborating with financial institutions and industry bodies to evolve and enhance market conduct frameworks.
KPMG global market conduct and consumer protection diagnostic tool
Our tried, tested and tailored approach is designed to address both organizations’ specific needs and the requirements and expectations outlined in the CBUAE’s consumer protection regulation and standards. KPMG’s global market conduct and consumer protection diagnostic tool is a practical, methodical approach for assessing consumer conduct risk across the entire business and can be applied at various levels.
By leveraging lessons learned and talking to employees at every level, we have helped financial institutions transform regulatory compliance and consumer protection into a strategic business advantage.
How KPMG can help
Insights and resources
Contact us
Additional contacts
Devina Sharma
Associate Director
Governance, Risk and Compliance Services
KPMG Lower Gulf
Email
Stay up to date with what matters to you
Gain access to personalized content based on your interests by signing up today
