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      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.

      Abbas Basrai

      Partner, Head of Financial Services and Financial Risk Management (FRM)

      KPMG Lower Gulf

      Abbas Basrai

      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.

      Aroon Kumar

      Director - Governance, Risk and Compliance Services

      KPMG Lower Gulf

      Aroon Kumar

      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.

      How we can help

      We have a proven track record in delivering conduct risk and consumer protection-focused strategies and outcomes globally. KPMG has over 100 experienced professionals across the UAE and Ireland, specializing in financial services with extensive expertise in conduct risk, complaints management, customer services, data privacy, and governance. Our approach provides rapid access to current industry trends, allowing us to leverage lessons learned and gain insight into emerging challenges. Central banks and LFIs have benefitted from our local and global expert teams as we bring together the best of our practitioners' thinking from around the world.

      Innovation is at the core of our approach and we extract real-time conduct insight and value through data. We have built, tested and refined our approaches, tools and capabilities such as our global consumer protection diagnostic tool across a large volume of conduct risk programs.

      Our tools have supported in delivering significant insight and impact by assessing consumer risk across the whole business, identifying gaps and solutions to safeguard customers and strengthen organizations’ positions in the market.

      We understand that in order to comply with the CBUAE’s regulation and standards, LFIs will need to select qualified professionals to conduct reviews and assessments of market conduct and consumer protection.

      We have experience in providing services related to the CBUAE’s consumer protection regulation and standards, including regulatory gap assessments, design control reviews, internal audits and provision of training for LFIs in the UAE.

      Contact us

      abbas-basrai
      Abbas Basrai

      Partner, Financial Risk Management

      KPMG Lower Gulf

      Shane Garahy
      Shane Garahy

      Partner

      KPMG in Ireland

      Aroon Kumar

      Director - Governance, Risk and Compliance Services

      KPMG Lower Gulf

      Rosalind Norton
      Rosalind Norton

      Director

      KPMG in Ireland

      Devina Sharma
      Associate Director
      Governance, Risk and Compliance Services
      KPMG Lower Gulf
      Email