Emphasis on Compliance with Regulations for Advertising Products and Services Offered by Financial Institutions
| No: 2311090802 | Date(g): 8/11/2023 | Date(h): 25/4/1445 | Status: In-Force |
Translated Document
In line with SAMA's role in protecting customers of financial institutions as per relevant regulations, and with reference to SAMA Circular No. 44064343 dated 13/08/1444H, which includes the Rules for Advertising Products and Services Provided by Financial Institutions, and in light of the complaints observed recently regarding marketing calls made by some banks to promote their products and services:
SAMA reiterates the importance of full compliance by all banks with its relevant instructions and the need to operate with a high level of professionalism to ensure the best interest of customers throughout their relationship with the bank. Specifically, banks must adhere to Article 11 of the Rules for Advertising Products and Services Provided by Financial Institutions, which states:
"Financial institutions must obtain the customer’s written or electronic consent regarding his desire to receive advertisements according to the channels preferred by the customer. They must grant the customer the right to permanently refuse to receive these advertisements easily and in clear and specific ways."
Banks are required to review their current procedures, whether these services are provided directly by the bank or through a third party and update related policies to align with SAMA's instructions.