The financial institution must treat consumers equitably, honestly and fairly at all stages of their relationship to the point that it becomes an integral part of the financial institution’s culture. Moreover, due care must be exercised and special attention must be given to low-income and less educated people, older people and those with special needs of both sexes.

The financial institution must ensure that the information about products and services provided to consumers is clear and comprehensible and that it is updated, clear, concise, accurate, not misleading, and easy to access especially the key terms and features. This information must include a description of the rights and responsibilities of each party and details of prices and commissions charged by the financial institution, taxes, exceptions, fines, types of major risks and benefits, and the mechanism and consequences of terminating the relationship. Furthermore, the financial institution must provide information about the alternative products and services it offers.

The financial institution must develop appropriate programs and mechanisms to improve the knowledge and skills of consumers, raise their level of awareness, enable them to understand major risks, and help them to make informed and effective decisions as well as help them know the concerned entity to obtain information if needed.

The financial institution must work in a highly professional manner for the benefit of consumers during their relationship, where a financial institution is primarily responsible for the protection of the financial interests of the consumer. The financial institution must also provide the necessary human resources to achieve the above, perform its business operations, and serve its consumers in all regions of Saudi Arabia where it is located. Additionally, the financial institution must provide appropriate centers and documented communication channels to serve these consumers.

The financial institution must protect costumers’ assets against fraud and put in place technical and control systems that are highly efficient and effective to limit and detect fraud, embezzlement or misuse and take the necessary action if any incident occurs, in accordance with the relevant regulations and instructions.

The financial institution must develop appropriate mechanisms according to the relevant applicable regulations, instructions and policies to protect the privacy of consumers’ financial, credit, insurance and/or personal information, provided that these mechanisms include all rights mentioned in the Personal Data Protection Law. The financial institution must also establish high-level control systems that include appropriate mechanisms specifying the purposes for which data is collected.

The financial institution must have an appropriate mechanism in place for consumers to submit their complaints, and the mechanism must be clear and effective. In addition, the financial institution must consider each complaint, take the measures and procedures necessary to fairly and effectively resolve the complaint, and provide the best and most appropriate solutions without delay in accordance with the relevant regulations and instructions.

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The financial institution must enable consumers to easily search and compare the best services and products and their providers. It must also provide the best products, services, and prices to meet consumers’ needs and desires, promote innovation, and maintain the quality of services and products.

When outsourcing services that involve dealing with consumers, the financial institution must ensure that outsourced service providers comply with the requirements of these Principles and Rules (where applicable), serve the interests of consumers, and bear the responsibility for protecting them. Financial institutions are not exempted from responsibility if the outsourced service provider fails to comply with applicable laws, regulations and instructions in any of the assigned operations or tasks as stipulated in the relevant instructions issued by SAMA.

The financial institution must establish a written policy on conflict of interests. It must also ensure the existence and implementation of the policies that help in identifying transactions that are likely to be a source of conflict of interest. If a conflict of interest is likely to occur between the finance institution and any other party, the finance institution must inform the responsible authority of these cases.