The United Arab Emirates Central Bank has banned the banks and other institutions it regulates from cold calling. This does not affect all aspects of cold calling, but is hoped to curb the number of complaints regarding cold calling for products such as credit cards, loans and insurances.
Those classified as Financial Consultants will not be allowed to participate in unsolicited cold calling any longer. However, financial advisory firms licensed by the UAE’s Insurance Authority are unaffected by the ban.
While some concern has been voiced about job losses due to the ban, professional expat advisers with the relevant authority to advise in Dubai have welcomed the ruling.
If you are looking for advice or have been contacted about financial products, it is essential that you do your homework. Prior to releasing any personal information or agreeing to any form of contract, you should:
- Understand who you are dealing with (individual and company)
- Protect your personal information, only release information to individuals and companies once you have confirmed their legitimacy (however trustworthy they appear)
- Do not feel pressured into signing any paperwork unless you are sure you understand the small print
- Remember regulation and licencing in the UAE, and most other expat jurisdictions, falls along way short of what you may expect in the highly regulated environment of the UK