BC-2.2 BC-2.2 Marketing and Promotion
Licenseesmust ensure that all advertising and promotional material is fair, clear and not misleading.October 2010
In ensuring that the description of the service in the promotional material is fair, clear and not misleading, the
licenseeshould send copies of the documentation relating to promotional schemes to the CBB at least 2 weeks prior to their launch and should, among other precautionary measures, ensure that:a) The purpose, and to the extent practicable, the content, of the information or communication are likely to be understood by the average member of the group to whom the communication is addressed;b) Key items contained in the information are given due prominence;c) The method of presentation in the information does not disguise, diminish, or obscure important risks, warnings or information; andd) The communication does not omit information that is material to ensure it is fair, clear and not misleading.October 2010
Licenseesmust ensure that the accuracy of all material statements of fact in promotional materials is supported by adequate evidence.October 2010
Licenseesmust not, in any form of communication with an individual customer, attempt to limit or avoid any duty or liability it may have towards the individual customerin relation to regulated money changing services.October 2010
Content of Promotions
licenseecommunicates any promotional material to a customeror a potential customerit must ensure the promotional material at the very least contains the information laid out in Paragraph BC-2.5.1 of the Appendix.
Licenseesmust not make use of the name of the CBB in any promotion in such a way that would indicate endorsement or approval of its services.
All documentation concerning promotional schemes must be in Arabic and English and, if relevant, any other language necessary for customers to fully understand and appreciate their terms and conditions. Such terms and conditions, including any related advertising, need to be clear, concise, truthful, unambiguous and complete so as to enable
customersto make a fully informed decision.
Customersto whom promotional schemes are directed should enjoy equal opportunity in terms of access to, and treatment within, such schemes.
No costs (including funding costs), charges or levies associated with promotional schemes should be concealed from prospective
Any raffles/lotteries etc. held as part of promotional schemes should be independently monitored (e.g. by the institution's external auditor) and adequate systems put in place to ensure fair play and impartiality.
An appropriate system should also exist for informing participants of the results of a raffle/lottery without delay.
Institutions should note that raffles/lotteries etc. may be subject to rules and requirements (including prior authorisation/approval) laid down by the Ministry of Industry and Commerce.
Licenseesmust maintain a record of all promotional materials issued by them or on their behalf, particularly where raffles/lotteries etc. are concerned.