UAE bans tele-marketing of financial products

UAE bans tele-marketing of financial productsIn a significant reprieve for the customers, the UAE central bank has banned tele-marketing of financial products in the country in response to a flood of complaints received from customers. Meanwhile, bankers hailed the decision adding that it will make things easy both for banks and potential customers.

The Central Bank in a circular issued to banks operating in the country said, “It has been decided to prohibit marketing bank loans and other services offered to individual customers through direct contact by telephone."

Aggressive marketing by banks and finance companies had started to exploit customers through unnecessary commercial calls for their economic benefits. Worse, they also make calls at unearthly hours from call centers located outside the country.

Vikram Shetty, Fund Administrator at the National Bank of Abu Dhabi Asset Management, hailed the decision adding that it will improve service level and enrich the status of UAE banks.