Banking and finance disputes and violations committees role and importance
The banking and finance disputes and violations committees are one of the main mechanisms that contribute to achieving justice and resolving disputes between customers and banks or financial institutions. The importance of these committees comes from providing a neutral and independent environment to resolve financial disputes in an effective and fair manner.
The role of banking and finance disputes and violations committees:
Dispute resolution: these committees work to resolve financial disputes that arise between clients and financial institutions in a peaceful and effective manner, which preserves the reputation of banks and enhances confidence in the financial system.
Achieving justice: Dispute committees provide a fair and neutral environment for the disputing parties, where decisions are made based on financial laws and regulations, without bias or preference for one of the parties
Making recommendations: The committees sometimes provide recommendations and guidance to banks and financial institutions to develop their policies and procedures to avoid and minimize the occurrence of financial irregularities in the future.
The importance of banking and finance disputes and violations committees:
تعزيز الثقة: These committees contribute to building trust between customers and banks or financial institutions by providing a transparent and fair mechanism for resolving financial disputes.
Providing a dispute resolution mechanism enhances trust between clients and financial institutions, increases the level of transparency in financial relations
Improving relationships: By resolving disputes in a peaceful manner, these committees strengthen relations between clients and financial institutions, contributing to the continuity of financial transactions between them.
Reduce financial risks: By having an effective dispute resolution mechanism, the financial risks that banks or financial institutions may face as a result of unsuccessful transactions or irregularities are minimized.D
Reduce time and effort costs : The resolution of disputes and violations by commissions contributes to reducing the costs and time required for traditional methods of dispute resolution, such as courts
Provide effective settlement mechanisms: The committees work to provide effective and flexible mechanisms for resolving disputes in quick and fair ways, which contributes to minimizing negative impacts on the conflicting parties.
Ensure compliance with laws and regulations: The committees work to ensure compliance of the conflicting parties with financial and banking laws and regulations, which contributes to the strengthening of the financial and economic system in general.
