How to Resolve Banking and Financial Disputes in UAE

Banking and financial conflicts may become a roadblock as they can impair both your professional and personal life. Financial scams, disputed money transfers, card loss, unauthorized activities, and unauthorized charges are just a few types of disputes that can be termed banking disputes.

As a preliminary step, you must file an official complaint with the bank; this gives you a proper record of the reported issue and ensures that the correct procedures are followed until the final resolution is achieved. Instead of filing a complaint over the phone and expecting it to be resolved, use the formal steps to record a complaint with the right reference number. This way you get online written records, that can be used as proof.

Additionally, make sure that you are contacting the correct department within the bank; for example, corporate banking and personal banking have separate departments. Each bank has a legal department and a dedicated customer service section too. If the matter is not resolved in 30 days or you are not satisfied with the resolution provided, you can raise a complaint with UAE Central Bank.

How to raise a complaint with the UAE central bank?

The UAE Central Bank is the governing authority for supporting financial and monetary stability in the UAE. The bank also guarantees the financial system’s efficiency and resilience. It is the country’s primary regulatory authority when it comes to banks and other financial firms (Licensed Financial Institutions).

The UAE central bank is also responsible for enacting policies that promote economic growth while protecting consumers’ interests. Through education, policy-making, compliance monitoring, and complaint resolution tracking, the Consumer Protection Department seeks to safeguard consumers from financial wrongdoing.

In cases where internal settlements at banks fail, you can escalate your complaint to the Central Bank of UAE (CBUAE). The Central Bank has a specialized consumer protection department that offers protection from financial misconduct and provides resolution to the complainants. The CBUAE also evaluates whether or not there has been a legal violation. If it is found to be true, the next course of action is decided. You can use the following consumer channels:

  • The official website: registering complaints through the website.
  • Consumer Happiness Centre (Central Bank headquarters in Abu Dhabi); or
  • Call Centre (for People of Determination and/or Seniors only) – 800 – CBUAE (22823)

To make progress in the case, you need to provide all important information concerning your complaint. Following the successful registration of a complaint on the site, the specialized Consumer Protection Team handles the issue with the appropriate LFI (Licensed Financial Institution) within a stipulated time frame.

File Police Complaint

If you have been a victim of financial fraud, you should file a complaint with the police and acquire a report in addition to the procedures listed above. In the United Arab Emirates, police have a dedicated department that deals with e-crime. You can file a complaint online or in-person at the e-crime division. Be sure to include all supporting documents, such as receipts, bank records, and other pertinent information to back up your allegation.

Seeking Help From Mediator

You can seek guidance from a mediator. Local courts also have the power to order to appoint a mediator. Irrespective of the channels you choose to resolve the banking dispute, reaching an agreement of settlement is essential. However, the mediator does not have the right to make a legally binding agreement.

Final thoughts

Know your rights while dealing with banking conflicts. Always take the necessary measures described above. It is essential to be quick and hire effective legal counsel when it comes to banking issues. An efficient banking dispute lawyer can help in every step of the resolution procedure. If you are not satisfied with the resolution, you can also file a court case. Hiring a lawyer helps in multiple ways and it sets you on the path toward achieving the desired results.

Banking disputes can be prevented. Being proactive goes a long way; this includes constantly reviewing your bank statement to ensure that your records are correct and notify the bank of any errors as soon as possible.

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