The UBF decided to take proactive action to protect customers' interests with the ultimate intention of defining the ethical selling framework for the UAE retail banking and wealth management. The objectives of this exercise were to:
Review sales practices adopted by various regulators and banking associations around the world
Develop thorough understanding of current sales practices for banks in the UAE through detailed interviews and surveys to member banks
Define an ethical sales framework for the industry and create a unified minimum industry standard for ethical selling
The work resulted in a set of recommendations that defined a minimum standard for ethical sales practices to be adopted uniformly by UAE banks in two phases. During the first phase banks will develop a set of principle-based standards which support ethical sales practices, while developing, during the second phase, more specific target metrics and guidelines, which can then be monitored during implementation.