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6.7 Products and Services On-going Monitoring and Control
Status: In-Force
Effective from Nov 01 2023 - Feb 29 2024 To view other versions open the versions tab on the right
6.7.1
Banks must ensure that the requirement of monitoring products and services on an ongoing basis is in place and implemented, to ensure that the interests, objectives and characteristics of targets market continue to be appropriately taken into account. In addition, the banks must address consumer complaints and rectify them on timely basis.
6.7.2
If the bank identifies a problem/risk related to products or services in the market, or when monitoring the performance of the products or services as required, the bank must take necessary corrective actions and implement measures to prevent future recurrence. The corrective action plan, which may include suspension or withdrawal of products or services must be approved by the senior management function or other functions within the bank accountable for approval of product and services. Banks must also report to SAMA such incidents including the corrective action plan that have been or will be taken.
6.7.3
In the case of product or services suspension or withdrawal, banks are required to notify SAMA at least prior to (45) business days by email before suspending or withdrawing any products or services via (PSBanking@sama.gov.sa). The notification must include justifications for the suspension or withdrawal and the plan to deal with beneficiary customers (exiting plan) affected by discontinuation of products or services.
6.7.4
After the introduction of new products or services, SAMA may, at any time, suspended the product or service if any regulatory incompliance has been identified and/or there is a negative impact on the banking sector or on consumers. SAMA will direct banks to provide corrective actions in such case for approval and implementation.
