CBJ issues Financial Consumer Protection Instructions for Banking Sector

AMMAN — The Central Bank of Jordan (CBJ) has issued the Financial Consumer Protection Instructions for the Banking Sector No. (14/2024), which will apply to all banks operating in the Kingdom 90 days after their publication in the Official Gazette.

This step reflects the CBJ’s commitment to establishing a comprehensive framework for financial consumer protection, keeping pace with the latest developments in the banking sector in the Kingdom and contributing to sustainable development, the stability of the financial system and enhancing financial inclusion, the Jordan News Agency, Petra, reported.

The instructions set forth clear legislative guidelines to govern the relationship between banks and customers, outline the responsibilities banks must fulfil, and ensure the implementation of internationally recognised financial consumer protection principles.

These principles include fair treatment of customers, disclosure and transparency, the protection and privacy of customer data and information, responsible pricing, the appropriate design and provision of banking services, responsible lending and the prevention of over-indebtedness, as well as raising awareness, education and building financial capacities.

The instructions include provisions related to credit cards and dormant accounts, and set maximum limits on fees charged by banks for services provided to customers.

The CBJ has published the instructions on its website, enabling all financial and banking institutions, concerned parties, and customers to easily access them, in line with its policy of disclosure and transparency.