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Wednesday, 22 February 2012

Banks brace for major rule changes - The National

The Central Bank is preparing an overhaul of its retail banking regulations by May as part of what is being billed as an annual review of consumer lending in the Emirates.

Credit cards, mortgages and personal loans are all under discussion for further regulation, after an attempt last year to curb excessive lending fees was heavily resisted by the banking sector.

"The plan is to review the effect of this regulation annually … based on feedback from the sector and from customers," said one source at the Central Bank familiar with the discussions, the conclusions of which could be revealed as soon as this week.