Introduction
City Exchange shall develop and maintain a culture of honesty and integrity, put in place a culture within the institution of respecting and acting in the best interest of consumers, and will always provide fair treatment to consumers, including effective resolution of errors and complaints.
Disclosure and Transparency
- City Exchange will take on the responsibility of providing clear, accurate, complete, timely, and useful information in a proactive and transparent manner, ensuring that customers have ample time to understand the details, including the terms and conditions.
- Information will be provided in both English and Arabic.
- City Exchange provides effective disclosures at all stages of the relationship with the customer. Customers must be made aware in advance of any permissible change in terms and conditions through all stages of the relationship.
- City Exchange ensures the accuracy of all disclosures made, including the verification and correctness of statements made in such disclosures and any related calculations, assumptions, or references.
- City Exchange will not engage in deceptive, misleading, fraudulent, or unfair advertising. As part of responsible advertising, it will be ensured that the communications and materials in the advertising are simple and easily understandable by consumers.
Market Conduct
- City Exchange will uphold the integrity of the financial market through responsible market activities that contribute to the overall stability and confidence in the financial system.
- City Exchange will promote a competitive market by improving freedom of choice through transparency, eliminating unreasonable and unfair barriers to competition, and providing comparative information on products and/or services if required.
- We will actively monitor, identify, and address misconduct and potential market conduct risks.
- City Exchange is committed to offering and provide consumers with appropriate products and/or services in accordance with the principles of the Consumer Protection Regulation and accompanying standards.
- City Exchange will monitor and uphold high ethical practices in the market as per the guidelines and standards that prohibit and prevent abusive sales, marketing, and pricing practices. The guidelines also promote disclosure, transparency, and a fair and competitive market without discrimination.
- City Exchange will ensure that consumers are not prevented from switching relationships and will not use misleading or incomplete information to promote an advantage of their financial products and/or services over other competitors.
- City Exchange will not collude with anyone to fix features, processes, or terms to the detriment of consumers or the market.
Business Conduct
- City Exchange fosters a culture of integrity and ethics in all its operations.
- City Exchange will provide clear and understandable information to consumers to ensure they understand their rights and responsibilities with respect to the products and/or services, including the right to have their problems or complaints addressed in an efficient, effective, and respectful manner.
- City Exchange will promote a culture within institutions of respecting and acting in the best interest of consumers and will undertake fair treatment of consumers, including effective resolution of errors and complaints.
- City Exchange will always consider the financial wellbeing of its consumers and will ensure that all consumers are treated equitably, honestly, and fairly at all stages of their relationship.
- City Exchange will make sure that the employees have sufficient knowledge of products and/or services required to help and educate consumers and always have the professional qualifications necessary to provide advice and carry out transactions.
- City Exchange upholds consumer protection through ethical business practices and strict regulatory compliance.
Protection of Consumer Data and Assets
- City Exchange will collect only the minimal amount of consumer data and information needed in respect of their licenced activities and remain in compliance with all other related laws.
- The Data Protection Policy will also cover appropriate security and monitoring measures in place to detect and track unauthorised internal access or use of consumer information.
- City Exchange has developed a Data Protection Policy, covering various areas such as the Protection of Consumer Assets, Information and Data against Financial Crimes, Misappropriation, and Misuse.
- City Exchange regularly updates its security systems to safeguard consumer data.
Consumer Education and Awareness
- City Exchange will reduce the risk exposure of consumers by enabling them to make financial decisions that are in their best interests by improving their financial education and awareness.
- City Exchange will assist in developing knowledge, skills, and confidence in customers so they can sufficiently understand risks, make informed choices, know where to go for advice or assistance, and take positive action to improve their own financial wellbeing.
- City Exchange collaborates with the Central Bank and assist jointly with other stakeholders to promote financial education and awareness.
- City Exchange provides unbiased educational information on the products and services through its website and ensures consumer awareness of any risks before acceptance of the product or services is completed.
Financial Inclusion and Gender & Racial Equality
- Exchange promotes financial inclusion regardless of gender, nationality, or background.
- City Exchange will not make decisions on the sale of products or services that discriminate on the grounds of family status, gender, or being a member of a minority group.
- City Exchange provides consumers, including vulnerable groups and people of determination, access to its financial products and/or services and facilitates them to carry out financial transactions in a safe and efficient manner.
- City Exchange will ensure that all consumers will be treated irrespective of their religion, gender, age, income level and marital status.
City Exchange
Licensed by the Central Bank of the UAE
