In the UAE, the financial sector is governed by robust laws designed to protect your money, your data, and your choices. But here’s the truth — rights are only powerful if you know them, and responsibilities only work if you act on them.
At NymCard, we believe an informed consumer is an empowered one. Here’s what you need to know to protect yourself, avoid risks, and keep your financial life running smoothly.
Your Rights as a Financial Services User in the UAE
1. Privacy & Data Protection
(Federal Decree-Law No. 45 of 2021)
You have the right to:
- Request, correct, delete, or limit the use of your personal data.
- Give explicit consent before receiving marketing communications.
- Be notified without delay if a data breach affects your information.
💡 Example: If your provider wants to share your details with a marketing partner, they must ask for your clear, recorded approval first.
2. Transparency & Disclosure
(CBUAE Consumer Protection Regulation)
You have the right to:
- Receive clear, upfront details about all fees, rates, and terms.
- Be informed in advance of any permissible changes to your terms and conditions.
- Access your records, account documentation, and transaction history from your financial institution upon request.
💡 Example: If a bank increases its credit card annual fee, it must inform you in advance so you can decide whether to continue the service.
3. Fair Marketing & Suitability
(CBUAE Consumer Protection Regulation)
You are entitled to:
- Financial products that align with your needs, financial profile, and repayment capacity.
- Product information that is clear, concise, and easy to understand — with all contracts, terms, and marketing materials provided in plain language, in Arabic and English.
💡 Example: If a loan product isn’t suited to your income and repayment capacity, your provider should not recommend it to you.
Your Responsibilities as a Consumer
Rights come with responsibilities — and these are key to keeping your finances secure.
1. Protect Your Credentials
- Never share passwords, OTPs, or PINs — even with someone claiming to be your bank.
- Avoid using public Wi-Fi for financial transactions.
💡 Example: If you get a call from someone claiming to be your bank asking for your OTP, hang up immediately and call your bank using their official number.
2. Keep Records
- Save receipts, contracts, and official communications for future reference.
- Store them securely, whether digitally or on paper.
💡 Example: Screenshot payment confirmations so you have proof in case of disputes.
3. Stay Informed & Report Issues
- Keep your contact details updated with your provider.
- Report suspicious transactions immediately — delays can increase your liability.
💡 Example: If you spot a charge you didn’t make, notify your bank right away to avoid being held responsible.
4. Participate Actively
- Always read and understand terms before agreeing.
- Review updates to agreements to ensure they still meet your needs.
💡 Example: If your bank changes account conditions, take time to review them and switch if they no longer work for you.
Protecting your money starts with knowing the rules — and using them.
For any concerns, first contact your service provider. If unresolved, submit a complaint to the CBUAE via centralbank.ae.
