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The Consumer Protection Association has identified a number of irregularities with SABB in some variable rate mortgage contracts after a number of consumer complaints.
In a statement, the association noted that the contracts of some SABB customers violate the rules of the leasing system, as well as the principle of disclosure and transparency in the protection of the clients of finance companies, which requires them update information about their financial products to make them clear, concise, easy to understand and accurate.
The Association confirmed that it had estimated the integration of SABB into First Bank and that it was waiting for the initiative to correct the contracts in violation, like the rest of the banks, for more than eight months.
She explained that she had been invited to meet with the bank, "SABB", that she had not responded to the invitation and that she had not responded to the bank to correct the situation of those affected by the contracts.
The association called on those affected by the violations found in the contracts to submit an individual complaint to the Saudi Monetary Agency (SAMA) and to the Committee for Settlement of Violations and Disputes.
The association said it was cooperating with SAMA to monitor the banks' commitment to correct the situation of consumers and to discuss the status of SABB customers who had not yet taken the initiative to manage the contracts of their customers, as do other banks.
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