Faiza Al-Awadi, the CEO and Executive Member of the Banking and Insurance Dispute Resolution Unit “Sandiq,” confirmed that approximately 99% of the complaints are submitted online. She noted that the complainants receive a response within 15 days, after which they can either accept the reply or escalate the matter to a higher level, which includes a judicial committee and the option to attach supporting documents.
In her remarks during an event organized by Sandiq titled “Coffee Corner with Sandiq,” part of the initiative “Know Your Rights as a Consumer,” Al-Awadi explained that the complaint handling process was designed to minimize bureaucracy and aims to address issues faced by individuals and small to medium-sized enterprises. The initiative provides a straightforward and equitable mechanism for filing complaints or objections regarding decisions made by banks or insurance companies and financial institutions operating within the UAE.
She stated, “We operate independently from banks and insurers. After conducting an appropriate investigation, we respond neutrally to the complaints and determine whether the client’s claim is valid.” She emphasized that this process saves time and money while allowing customers to make informed financial decisions in an organized manner. Al-Awadi assured complete neutrality and confidentiality during the examination of each complaint to ensure fairness, equality, and transparency among all parties involved.
Furthermore, the “Know Your Rights as a Consumer” initiative aims to enhance financial literacy and protect consumers’ rights in the country. The initiative seeks to engage directly with community members and simplify financial awareness concepts through interactive meetings with the Sandiq team in a friendly and informal setting, where rights and responsibilities governing the relationship between users and licensed financial and insurance institutions are explained.
During the event, the Sandiq team provided a detailed presentation on the complaint handling procedure overseen by the unit, which adheres to strict standards and guidelines to ensure fairness and protect the rights of all parties involved. Key aspects include the necessity of first submitting complaints to the licensed financial or insurance institution and awaiting a response within 15 days. If a satisfactory written reply is not received, or if the customer is not content with the response, they are entitled to formally submit their complaint to Sandiq. Additionally, it is required that the complaint is not currently under judicial review or previously submitted with the same details, and pertains to a financial service or product that falls within the unit’s jurisdiction. The Sandiq team also shared successful case studies highlighting the effective role played by Sandiq in resolving financial disputes amicably and fairly, underscoring its commitment to the highest standards of transparency and accountability.
Faiza Al-Awadi affirmed that the event is part of a series of ongoing initiatives aimed at promoting financial awareness in a contemporary manner that resonates with the public. She added, “Direct communication with consumers, informing them about their duties, responsibilities, and rights enhances their confidence in the financial system of the country and strengthens the mechanisms for addressing and resolving banking and insurance disputes.” She encouraged attendees to follow Sandiq’s digital platforms for the latest guidance regarding their financial rights and responsibilities, in alignment with the unit’s commitment to supporting the UAE’s efforts to foster trust in the financial system and uphold sound governance practices and consumer protection.
Sandiq relies on a comprehensive electronic system to receive and monitor complaints independently, enabling consumers to track the status of their complaints with transparency and ease. The unit provides multiple communication channels, including a website, a call center, and a mobile application, to facilitate consumers’ access to its services.