Ethical Selling Practices Framework Adopted by UBF CEOs Advisory Council

Chief executive officers Advisory Council of UAE Banks Federation (UBF), a specialist rep body consisting of 48 member financial institutions running in the UAE, hosted its third meeting this year in Dubai today. Leading on the program was conversation and fostering of an ethical marketing practices structure for the industry.

The framework can be found in line with UBF's aggressive approach and early -on action to specify honest selling methods for the retail banking and riches monitoring industries which aim to secure and promote the customers passions. Lined up with global best techniques, the framework sets criteria for honest marketing practices to be adopted uniformly by all participants banks.

H.E Abdul Aziz Al Ghurair, Chairman of UBF, said: "From moral selling and fraudulence prevention to cyber intelligence and SMEs support, the 3rd Council conference explored a wide variety of subjects relevant to the banking and economic landscape. UBF proceeds in its required prudently and securely to raise the standards of banking in all domains which will assist make it possible for the UAE banking field, the largest in the region by assets, plays its role of beneficial contribution to the customers including SMEs, society and national economiy."

In another session, UBF's Fraud Prevention Committee presented to the Council its initiative requiring creating a main fraudulence database, in partnership with Al Etihad Credit Bureau (AECB), in order to reduce application and borrowing fraudulence in the UAE.

The meeting also featured a discussion highlighting relative analysis of VAT treatment of financial solutions in territories across the globe.

The members were also updated on progression and method ahead on the campaign of Cyber hazard intelligence platform which was formally launched last week.

In an additional session, Rene Friedman, Managing Editor of the Economist Intelligence Unit for the EMEA region, supplied a macro overview of global regulatory change, and its impact on the retail-banking sector while also highlighting the emerging relationships in between financial institutions and fintechs, and exactly how they are both reacting to consumer actions and progressing generational expectations.

The meeting saw presence of Chairpersons of the Customer, Financing, Information
Security and Fraud Prevention committees.