Faiza Al Awadi, the CEO and Managing Director of “Sundak,” a unit specializing in the resolution of banking and insurance disputes in the UAE, emphasized that financial literacy is a fundamental pillar for enhancing consumer confidence and protection, particularly amidst the rapid changes occurring within the financial sector and the widespread availability of financial and digital services and products.
In her remarks on the occasion of “World Consumer Rights Day,” celebrated annually on March 15, Al Awadi noted that “Sundak” is marking this day to highlight the UAE’s efforts in safeguarding financial consumers through its robust legislative framework, which supports and ensures their rights, while also fostering their understanding of responsibilities in financial dealings.
She added that “Sundak” embodies this national approach, establishing a more effective and practical framework to empower consumers through fair, independent, and transparent mechanisms starting from the filing of complaints to the restitution of rights to their rightful owners.
Al Awadi further explained that this year’s theme for “World Consumer Rights Day,” “Safe Products, Confident Consumers,” aligns with the swift transformations in the financial sector, stressing that financial literacy has become a strategic choice and an essential necessity to ensure and protect the rights of financial consumers.
She pointed out that consumer protection in the financial domain extends beyond dispute resolution, beginning with proactive prevention through promoting financial awareness, which positively influences consumer confidence in the sector. An informed consumer is likely to maintain a more balanced relationship with financial institutions and insurance companies, reducing the odds of disputes.
“Sundak” reaffirmed its commitment to continue its role as the first unit of its kind in the Middle East and North Africa region for resolving banking and insurance disputes, contributing to bolstering consumer trust and establishing a fair and transparent banking system that places consumer interests at its core.