“Sendak”: Financial culture is a pillar for enhancing financial consumer confidence and protection
Abu Dhabi, March 14 / WAM / Fayza Al-Awadhi, CEO and Managing Director of SANADIC, the banking and insurance dispute settlement unit in the UAE, confirmed that financial culture represents an essential pillar for enhancing financial consumer confidence and protection, especially in light of the rapid transformations taking place in the financial sector and the wide spread of financial and digital services and products.
Al-Awadhi said, on the occasion of “World Consumer Rights Day”, which falls on March 15 of each year, that “Sanadic” celebration of this occasion comes to highlight the UAE’s efforts in the field of financial consumer protection, and its strong legislative structure that supports and guarantees their rights and enhances their understanding of their responsibilities when dealing financially.
She added that the “SENDEC” unit came to embody this national approach, and to establish a more effective and feasible framework to empower the consumer through fair, independent and transparent mechanisms that begin with filing a complaint and end with the return of rights to those entitled to them.
She explained that the slogan of “World Consumer Rights Day” for this year, “Safe Products, Confident Consumers,” comes in light of the rapid transformations in the financial sector, noting that financial culture has become a strategic choice and an imperative necessity to guarantee and protect the rights of the financial consumer.
She pointed out that financial consumer protection is not limited to settling disputes when they occur, but rather begins with proactive prevention by spreading financial awareness, which reflects positively on consumer confidence in the sector, explaining that a more aware and knowledgeable consumer has a more balanced relationship with financial institutions and insurance companies, and the possibility of conflict is lower for him.
SENDAC affirmed its continued role as the first unit of its kind in the Middle East and North Africa region to settle banking and insurance disputes, which contributes to enhancing consumer confidence and establishing a fair and transparent banking system that puts the consumer’s interest at the heart of its priorities.
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