Sanadak hosts first forum with UAE Banks Federation, licensed financial institutions

Sanadak, the Ombudsman Unit for the UAE, convened its inaugural forum with the UAE Banks Federation and licensed financial institutions (LFIs).

The forum is part of Sanadak’s efforts to foster sustainable institutional partnership with the banking sector, enhance the banking system by developing mechanisms for settling disputes, and protect consumer rights, promoting principles of fairness and transparency in financial transactions.

During the meeting, Faiza Al Awadhi, CEO and Managing Director of Sanadak, emphasised the importance of licensed financial institutions adhering to laws and regulations governing the dispute resolution mechanism, developing complaint-handling procedures to ensure rapid response, and boosting service quality, all while strengthening consumer confidence and meeting expectations.

She also highlighted the need to enhance financial literacy and inclusion, empowering individuals to make informed financial decisions, improving their experience with banking services, and contributing to the overall stability of the financial system.

The meeting reviewed Sanadak’s objectives, tasks, and achievements made in the previous phase, focusing on its role in safeguarding the integrity of the UAE’s banking system and protecting consumer rights. It underlined the Unit’s mandates, scope of work, and internal framework, while also outlining development opportunities and the future landscape of dispute resolution in the UAE in line with the best global practices.

The meeting featured a joint session between Sanadak Unit’s team and bank representatives operating in the UAE, focusing on operational mechanisms and procedures for dispute resolution, as well as enhancing the complaint-handling framework to improve efficiency and consumer experience.

Faiza Al Awadhi, CEO and Managing Director of the Ombudsman Unit for the UAE, Sanadak, said, "This meeting reflects Sanadak's commitment to building an effective partnership with the banking sector – aimed at enhancing consumer confidence through the protection of consumer rights and the development of effective mechanisms to improve the dispute resolution system by accelerating response times to consumer complaints and upgrading service quality, ensuring fair and effective processing within a transparent regulatory environment.”

Sanadak plays a central role in safeguarding the integrity and stability of the UAE’s financial system. It offers an impartial and transparent mechanism for resolving disputes between the consumer and licensed financial institutions and insurance companies, contributing to improved service quality and enhanced consumer confidence by ensuring transparency and fairness in complaint handling.