In line with the UAE’s initiative to enhance consumer experiences and continuously improve governmental services, the Banking and Insurance Dispute Resolution Unit, known as “Sundok”, has announced a reduction in the response time for consumer complaints regarding licensed financial institutions operating within the country. The timeframe has been cut from 30 days to just 15 working days. This significant change marks a pivotal advancement in complaint resolution mechanisms, aligning with both local and international best practices, and meeting consumer expectations for prompt and high-quality service.
This strategic move, which represents a 50% reduction in response time, is part of “Sundok’s” ongoing commitment to consumer protection within the financial sector and reflects its mission to ensure efficient service delivery. This initiative supports the UAE’s vision for 2031, which aims to advance the nation’s growth over the next decade by focusing on social and economic aspects.
The complaint handling process at “Sundok” adheres to precise guidelines and standards that guarantee the rights of all parties involved. Key requirements include the consumer’s obligation to initially lodge their complaint with the licensed financial or insurance institution and to await a response within 15 calendar days. If the consumer does not receive a satisfactory written reply or is not convinced by the content, they have the right to escalate the matter to “Sundok”. Additionally, complaints must not be currently under court review, must not have been submitted previously with identical details, and must pertain to a financial product or service that falls under the unit’s jurisdiction.
On this occasion, Faiza Al Awadi, the CEO and Managing Director of “Sundok,” stated: “The directives from our wise leadership to enhance governmental services, improve operational efficiency, and develop these services are fundamental to our efforts to continue fostering positive social and economic impacts in the country. We aim to offer swifter, higher-quality services that adhere to the best standards of governance, transparency, and fairness, ensuring consumer protection for individuals and small to medium-sized enterprises. This will also bolster trust in the financial system and enhance competitiveness within the financial sector, contributing to economic prosperity.”
Al Awadi further emphasized, “At ‘Sundok’, we remain dedicated to improving our service quality, ensuring satisfaction among both consumers and licensed financial institutions as well as insurance companies. Our goal is to resolve disputes fairly and reduce legal and operational burdens for all parties involved, effectively impacting our regulatory responsibilities to review and resolve complaints. This reinforces the UAE’s global leadership position in financial consumer protection, ensuring access to accurate information, fair treatment, and protection against fraud.”
It is noteworthy that the Banking and Insurance Dispute Resolution Unit, “Sundok,” was established to safeguard consumers’ rights in the banking and insurance sectors and to enhance their trust in the financial system. This is achieved by providing an independent and transparent mechanism for handling complaints and resolving disputes, in line with global best practices and reflecting the country’s commitment to fostering a fair and sustainable financial environment.