(MENAFN – Jordan News Agency)
Amman, Oct. 21 (Petra) – The Central Bank of Jordan (CBJ) has launched new “Financial Consumer Protection Instructions” for banks, effective 90 days after publication in the Official Gazette. This move aims to enhance consumer protection in banking, support sustainable development, and promote financial inclusion.
The instructions provide a framework outlining the responsibilities of banks towards their customers, ensuring adherence to global consumer protection standards. Key principles include:
- Fair treatment of customers
- Transparency and disclosure
- Protection of data and privacy
- Responsible pricing and service delivery
- Safe lending practices
- Prevention of excessive debt
- Focus on consumer education and financial capability
Additionally, the guidelines cover credit cards, dormant accounts, and set limits on service fees charged by banks.
The CBJ has published these instructions on its website for easy access by financial institutions and consumers.
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