In a recent edition of The Oath Magazine, Arsalan Tariq and Yasin
Chowdhury offer commentary on the new CBO Financial Consumer
Protection Regulatory Framework - a milestone for financial
consumer protection and economic growth in the Sultanate.
On 29 December 2021, the Central Bank of Oman
("CBO") issued the Financial Consumer
Protection Regulatory Framework
("FCPRF") by its Circular BM 1184,
intending to provide a strong consumer protection regime to benefit
consumers, enabling them to make well-informed decisions in
relation to the use of financial services. FCPRF will also
contribute to the growth of healthy and competitive financial
markets in Oman.
By introducing this framework and the accompanying standards,
the CBO seeks to ensure that all the applicable licensed entities
in the Sultanate of Oman are in line with the international
standards when it is associated with consumer protection. FCPRF is
mainly a principle-based framework. It contains the
