In 2017, UBF took a proactive action to protect customers’ interests with the ultimate intention of defining the ethical selling framework for UAE retail banking and wealth management.

• The objectives of this exercise were to:.
• Review sales practices, regulations / standards 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.