UAE: New financial unit to resolve consumer complaints with banks, insurance firms

Are you facing a service issue with a licenced financial institution or insurance company?

Now, an independent ombudsman unit named Sanadak – a first of its kind in the region, has been launched for consumers to register complaints against banks and licensed insurance firms.

Sanadak is the first legally established independent ombudsman unit, with a focus on safeguarding consumers’ rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies. Sanadak, which is managed and operated solely by Emiratis, will assume all consumer complaint-handling duties previously carried out by the Central Bank of the UAE’s Consumer Protection Department and Insurance Dispute Resolution Committee.

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“The launch of Sanadak demonstrates the UAE’s commitment to strengthening the financial services sector for sustainable growth, in line with international best practice,” Fatma Al Jabri, chairperson of Sanadak, said.

Sanadak provides a free-of-charge, independent process to resolve complaints. It will enhance efficient and effective mechanisms for receiving, processing, and settling consumer complaints transparently and impartially in accordance with applicable laws and international best practices. It reduces the need to take claims to courts and judicial authorities.

“Sanadak aims to set the pace for the effective resolution of financial and insurance complaints. Sanadak is committed to safeguarding consumer rights, enhancing consumer satisfaction, fostering financial inclusion, and developing government services. This initiative aims to bolster competitiveness and drive substantial growth and stability within the UAE's financial sector and the broader national economy,” Al Jabri noted.

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