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Financial Consumer Protection

Your rights as a banking customer, in accordance with SAMA's Financial Consumer Protection Principles and Rules.

SAMA Rules Compliant 7 Core Principles
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Your Rights Matter: SAMA's Financial Consumer Protection Framework ensures that banking customers in the Kingdom are treated fairly, provided with transparent information, and given access to effective complaint resolution mechanisms.

1. Overview

The Bank is committed to the highest standards of financial consumer protection as prescribed by SAMA's Financial Consumer Protection Rules. These rules establish seven core principles that govern the Bank's relationship with its customers:

  1. Fair Treatment of Customers
  2. Disclosure and Transparency
  3. Appropriate Product Design and Delivery
  4. Consumer Awareness and Financial Literacy
  5. Complaints Handling Mechanism
  6. Dispute Resolution
  7. Product Suitability Assessment

2. Principle 1: Fair Treatment

Livo Bank treats all customers fairly and does not engage in any practices that are deceptive, misleading, or unfair. This includes:

  • Treating customers honestly and fairly in all interactions
  • Providing services that meet the reasonable expectations of customers
  • Not taking advantage of customers' lack of knowledge or experience
  • Ensuring marketing materials are accurate and not misleading
  • Providing equal service quality to all customer segments
  • Considering the interests of vulnerable customers

3. Principle 2: Disclosure and Transparency

Livo Bank provides clear, accurate, and timely disclosure of all material information related to its products and services. This includes:

3.1 Initial Disclosure

At the point of product origination, customers receive an Initial Disclosure Form containing:

  • Product name, type, and key features
  • All applicable fees, charges, and profit rates
  • Terms and conditions of the product
  • Risks associated with the product
  • Customer's obligations and responsibilities
  • Dispute resolution procedures
  • Contact information for complaints

3.2 Disclosure Standards

  • All disclosed information must be in clear and readable Arabic (or bilingual Arabic/English)
  • Minimum font size of 14 points for printed disclosure documents
  • No hidden terms or conditions
  • Disclosure documents must be provided free of charge
  • Electronic disclosure is acceptable through approved digital channels

4. Principle 3: Appropriate Product Design

Livo Bank designs its products and services to meet the genuine needs and expectations of its target customer segments. This includes:

  • Conducting market research to understand customer needs
  • Designing products that are suitable for the target market
  • Ensuring products provide genuine value to customers
  • Testing products before launch to identify potential issues
  • Regularly reviewing products to ensure they remain appropriate
  • Considering the impact of product features on customer outcomes

5. Principle 4: Consumer Awareness and Financial Literacy

Livo Bank actively promotes financial literacy and consumer awareness through:

  • Educational content on the Bank's website and mobile app
  • Financial literacy workshops and seminars at branches
  • Clear explanation of banking products and services
  • Warnings about financial fraud and scams
  • Tools and calculators to help customers make informed decisions
  • Targeted programs for youth and new-to-banking customers

6. Complaints Handling Mechanism

Livo Bank maintains a robust complaints handling mechanism accessible through multiple channels:

Branch

Visit any a branch and submit your complaint to the Branch Manager or Customer Service desk.

Phone

Call 9 2000 1000 (toll-free) to file a complaint over the phone.

Website

Submit a complaint through the Livo Bank website contact form or mobile application.

SAMA Care

Escalate unresolved complaints to 800 120 000 (SAMA Care).

Complaint Resolution Timelines:

  • Acknowledgement: Within 2 business days of receiving the complaint
  • Initial Response: Within 5 business days
  • Resolution: Within 15 business days (may extend to 30 days for complex cases with customer notification)

7. Dispute Resolution

If a customer is not satisfied with Livo Bank's resolution of a complaint, the customer may:

  1. Internal Escalation: Request review by the Bank's Complaints Review Committee
  2. SAMA Care: File a complaint with SAMA through the SAMA Care channel (within 90 days of Livo Bank's final response)
  3. SAMA Committee for Settlement of Banking Disputes: Refer the dispute to the SAMA Committee for a binding decision
SAMA Committee: The SAMA Committee for Settlement of Banking Disputes is an independent body that reviews disputes between banks and their customers. The Committee's decision is binding on both parties.

8. Product Suitability Assessment

Livo Bank conducts product suitability assessments to ensure that:

  • Products recommended to customers are suitable for their financial situation, needs, and risk tolerance
  • Customers are informed of the risks and costs associated with products
  • Finance applications are assessed for the customer's ability to repay
  • No misleading advertising or marketing materials are used
  • A cooling-off period is provided where applicable (e.g., for insurance products)
Customer First: The Bank is committed to putting customers at the heart of everything we do, in line with SAMA's Financial Consumer Protection Principles.