UAE Debuts Sanadak, Pioneering Financial And Insurance Ombudsman Service

Today marks a significant development in the United Arab Emirates' financial sector with the commencement of operations by Sanadak, the first legally established independent Ombudsman Unit dedicated to serving consumers of Financial Institutions and Licensed Insurance Companies. This initiative aligns with the UAE leadership's directive to improve government services and adheres to the regulations set by the Central Bank of the UAE. Sanadak's primary aim is to protect consumer rights and address complaints arising from transactions with financial and insurance entities.

Previously, the Consumer Protection Department and Insurance Dispute Resolution Committee under the Central Bank of the UAE handled these responsibilities. Now, Sanadak takes over, signifying a crucial step towards establishing a more efficient and transparent system for managing consumer grievances. This move is expected to reduce the necessity for court interventions, thus enhancing consumer trust and further safeguarding financial consumer rights through cooperation with financial institutions and licensed insurance companies.

Consumers have multiple channels through which they can lodge their complaints, including Sanadak’s website and mobile application. Special provisions are made for People of Determination and the elderly, who can also submit their complaints via the Sanadak Contact Centre or in person at their office located in Abu Dhabi.

In line with the UAE's Emiratisation agenda, which focuses on empowering national talent, Sanadak boasts a workforce comprised entirely of UAE Nationals. This makes Sanadak not only a pioneer in the UAE but also across the MENA region, in catering specifically to the consumer base of Financial Institutions and Licensed Insurance Companies.

Fatma Al Jabri, Chairperson of Sanadak, expressed her views on this landmark initiative, stating, "The launch of Sanadak demonstrates the UAE’s commitment to strengthening the financial services sector for sustainable growth, in line with international best practice. Sanadak aims to set the pace for the effective resolution of financial and insurance complaints. Sanadak is committed to safeguarding consumer rights, enhancing consumer satisfaction, and fostering financial inclusion and developing government services. This initiative aims to bolster competitiveness and drive substantial growth and stability within the UAE's financial sector and the broader national economy."

This development is a testament to the UAE's dedication to enhancing its financial services sector, ensuring that it remains competitive while fostering an environment where consumer rights are protected and satisfaction is prioritized. Through initiatives like Sanadak, the UAE continues to develop its government services, contributing significantly to its economic stability and growth.

With inputs from WAM