Annexure (4): Consumer Protection Checklist
| No: 45032226 | Date(g): 28/11/2023 | Date(h): 16/5/1445 | Status: In-Force |
| Before or upon concluding a product/service agreement with the customer: | ||||
| No | Requirements | Cases | ||
| Yes | No | Not Applicable | ||
| 1 | Has the bank done a complete study on the product or service suitability to customer needs | ☐ | ☐ | ☐ |
| 2 | Were the expected risks to customers from the product or service identified when advertising, and disclosed in the initial disclosure form (before signing the contract) | ☐ | ☐ | ☐ |
| 3 | The bank must disclose the discounts and their conditions to customers - if available - and include them in the initial disclosure form (before signing the contract) | ☐ | ☐ | ☐ |
| 4 | Ensuring that customer service staff and/or marketers are clearly familiar with the product or service provided helps customers make a decision before entering into a contract | ☐ | ☐ | ☐ |
| 5 | The bank must study the customer's financial solvency before granting the product/service and keep it in the customer's file in a way that enables it to: 1. The customer's ability to fulfill the due payments without delay 2. The customer's understanding of the characteristics of the product or service. 3. The product or service meets the customer's need 4. The customer's ability to bear the risks of the product or service | ☐ | ☐ | ☐ |
| 6 | The bank must disclose the product/service provider in the initial disclosure form if the product or service provider is a third party | ☐ | ☐ | ☐ |
| 7 | Advertising the product or service to customers is appropriate, does not use a seductive or misleading method of marketing, and uses language that is easy to understand and in clear writing, including margins | ☐ | ☐ | ☐ |
| 8 | Are the terms and conditions explained in clear language, including fees, and are they fair to customers? A summary of this is provided in the initial disclosure statement, and this is explained to the customer before signing the contract | ☐ | ☐ | ☐ |
| 9 | The potential fines and penalties that the customer will bear if the product or service is used on other than the agreed terms must be explained | ☐ | ☐ | ☐ |
| After concluding the product or service agreement with the customer: | ||||
| 1 | The product or service must be compatible with SAMA Care's main or sub-classifications of complaints | ☐ | ☐ | ☐ |
| 2 | Clarifying the mechanism for submitting a complaint and the contact information with the bank in the product or service contract | ☐ | ☐ | ☐ |
| 3 | Providing beneficiaries with a free statement of account (paper or electronic) on a monthly basis showing the payments made and the remaining payments | ☐ | ☐ | ☐ |
| 4 | Having specialized staff to provide advice to customers who face financial and technical difficulties during contract periods and providing appropriate solutions for them to overcome these difficulties | ☐ | ☐ | ☐ |
| Product or Service Developer | Chief Compliance Officer |
| Date | Date |
| Day/Month/Year | Day/Month/Year |
| Signature | Signature |