Wadira: Find your way through Saudi data & privacy law.
Home › Frameworks › Financial services › Financial Consumer Protection Principles and Rules
| Type | Instrument |
|---|---|
| Issuing authority | Saudi Central Bank (SAMA) |
| Framework | Financial services |
| Tier | Rules, controls & standards |
| Legal status | Binding |
The Financial Consumer Protection Principles and Rules, issued by the Saudi Central Bank in 1444H (2022), are SAMA's binding conduct framework for all financial institutions it licenses. They rest on Article 4(9) of the Saudi Central Bank Law, SAMA's power to issue consumer-protection instructions, reinforced by the banking, insurance, finance-companies, credit-information and payments statutes.
It sets out ten consumer-protection principles (equitable and fair treatment; disclosure and transparency; education and awareness; behaviour and work ethic; protection against fraud and misuse; protection of data and information privacy; complaints handling; competition; outsourcing; and conflict of interest), followed by general and sector-specific conduct rules.
Principle 6 is the data hook: institutions must protect the privacy of consumers' financial, credit, insurance and personal information through mechanisms that encompass all rights under the Personal Data Protection Law, backed by control systems. It thus operationalises the PDPL inside SAMA's supervisory perimeter, alongside SAMA's 2021 circular directing institutions to gap-assess against the PDPL.
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