(MENAFN – Jordan News Agency)
Amman, Oct. 21 (Petra) – The Central Bank of Jordan (CBJ) has launched new “Financial Consumer Protection Instructions for the Banking Sector” (No. 14/2024). These rules will come into effect 90 days after their publication in the Official Gazette.
This initiative reflects the CBJ’s commitment to a solid framework for financial consumer protection, aiming to promote sustainable development and financial stability, according to a CBJ statement.
The instructions clarify the relationship between banks and customers, outlining banks’ responsibilities to ensure adherence to global consumer protection standards. Key principles include:
- Fair treatment of customers
- Transparency and disclosure
- Protection of customer data and privacy
- Responsible pricing and service design
- Responsible lending practices
- Preventing excessive debt
The directives also focus on credit card issues, dormant accounts, and set limits on service fees. The CBJ has made these instructions accessible on its website for easy review by banks, stakeholders, and consumers.
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