Book traversal links for Principle 2: Disclosure and Transparency
Principle 2: Disclosure and Transparency
Date(g): 5/9/2022 | Date(h): 9/2/1444 |
Effective from Sep 05 2022 - Sep 04 2022
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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.