This policy outlines the requirements and procedures for the establishment, management, and reporting of the Consumer Education and Awareness (CEA) function within Universal Exchange Center. It is designed to ensure compliance with the relevant regulations set forth by the Central Bank of the UAE (CBUAE) and to enhance the financial literacy of consumers and the general public.

In line with Article (121), Clause 2 of Decretal Federal Law No. (14) Of 2018, all licensed financial institutions in the UAE are required to establish a dedicated Consumer Education and Awareness (CEA) function. This mandate aims to enhance financial literacy and consumer protection, ensuring that consumers are well-informed about financial products and services, and able to make sound financial decisions. The CEA function's primary goal is to design and manage educational programs that raise awareness about financial concepts, products, and services, empowering consumers to navigate the financial landscape effectively. These initiatives focus on providing clear, accurate, and accessible information to help individuals understand complex financial topics and avoid poor financial choices. The educational content must be impartial, offering a broad overview of available financial products and services without promoting specific offerings from the institution, ensuring that the emphasis remains on consumer education rather than product marketing. By promoting financial literacy, the CEA function helps build an informed public, benefiting both consumers and the wider financial ecosystem in the UAE.

1. Program Development: Develop and implement educational initiatives aimed at increasing consumer awareness and financial literacy.
2. Content Creation: Ensure that content is non-promotional, accurate, and focused on educating consumers about financial services and products.
3. Collaboration: Work with relevant stakeholders, including regulators and industry groups, to ensure the educational programs align with national financial literacy objectives.
4. Report Submission: Compile and submit the required annual reports to the CBUAE.
5. Evaluation and Feedback: Collect feedback from consumers and assess the effectiveness of each initiative to ensure continuous improvement.

Universal Exchange Center (UEC) is required to submit an annual report to the Central Bank of the UAE (CBUAE) by January 31st each year. This comprehensive report outlines the institution's consumer education and awareness initiatives from the preceding year, helping the CBUAE assess the progress of financial literacy efforts within the sector. The report must include a summary of all educational programs conducted, detailing their objectives, target audience, delivery methods, and topics covered. UEC must also evaluate the effectiveness of these initiatives, using both quantitative and qualitative measures, such as the number of participants, feedback from consumers, and other indicators like media coverage or partnerships. Additionally, the report should include a proposed plan for the upcoming year, outlining specific goals, strategies, and resources for future consumer education programs. This report ensures accountability and transparency, enabling the CBUAE to monitor UEC’s compliance with its consumer education obligations and assess the impact of its initiatives on improving financial literacy in the UAE.

Before releasing any consumer-facing educational materials or programs, Universal Exchange Center's (UEC) Consumer Education and Awareness (CEA) function must carry out a thorough pre-release assessment of the content and delivery method. This ensures the materials are effective, accessible, and aligned with the institution’s goal of improving financial literacy. The CEA function reviews the content for clarity, relevance, and appropriateness for the target audience, ensuring it meets both educational objectives and regulatory standards. Whenever possible, a representative sample of the target audience, reflecting different age groups, income levels, and financial needs, should be involved in this evaluation. This audience testing may include focus groups, surveys, or pilot programs to gather feedback on how well the content resonates with consumers and addresses their knowledge gaps.

The pre-release assessment ensures that the content is suitable for the intended audience by confirming that the educational goals are met, the material is easy to understand, and the format is accessible to all, including those with disabilities or literacy challenges. It also verifies that the content aligns with financial literacy standards, is unbiased, and does not promote specific products or services of the institution. If any issues are identified during the assessment, the CEA function revises the content to improve clarity, relevance, and delivery. This iterative process guarantees that UEC’s educational materials are effective, impactful, and continuously meet the evolving needs of consumers.

The Consumer Education and Awareness (CEA) function must conduct a comprehensive annual evaluation of all educational initiatives implemented throughout the year to assess their effectiveness in promoting financial literacy and empowering consumers. This evaluation ensures that the programs remain relevant, impactful, and aligned with the institution’s consumer protection and financial education goals.

The evaluation should first focus on the impact on the target audience by measuring how successfully the initiatives have improved consumers’ financial literacy and decision-making. It must assess whether the programs helped consumers better understand financial concepts, products, and services, and if these efforts led to changes in financial behaviors, such as increased savings or more informed decisions. Tangible evidence of such changes, like improved consumer knowledge or actions, should be collected.

Next, the evaluation must measure the reach and effectiveness of each program. This involves assessing how many individuals or groups engaged with the initiatives, through metrics like workshop participation or views on digital content. The effectiveness of the programs should be evaluated by how well they achieved their goals, using indicators such as participant satisfaction surveys, post-event assessments, and follow-up studies to determine if consumers retained and applied the knowledge provided.

Lastly, the evaluation should incorporate feedback from consumers and stakeholders to gain qualitative insights into how the programs were perceived. Surveys, interviews, and focus groups can help identify whether the content was relevant, valuable, and accessible. This feedback is crucial for understanding the program's impact and pinpointing areas for improvement in both content and delivery methods.

The findings from the annual evaluation provide the CEA function with valuable insights for continuous improvement. By analyzing the results, the CEA team can understand the strengths and weaknesses of current educational programs, helping to identify areas that need enhancement. For example, the evaluation might reveal gaps in content, such as underrepresented financial topics or underserved audience segments. It could also point out areas where the delivery method, like digital content or in-person workshops, needs improvement for better accessibility or engagement. Based on this feedback, the CEA function will make necessary adjustments, such as revising content to better address knowledge gaps, improving delivery methods by using more interactive tools, or expanding programs to reach new or underserved audiences. These changes ensure that educational initiatives stay relevant, effective, and aligned with the evolving needs of consumers and industry standards.