From now on, managers and staff members of Belgian banks and credit institutions will have to swear an oath on ethical conduct if their job involves them coming into contact with the public. The oath is in addition to the existing legal rules on investment advice and lending.
Isabelle Marchand of banking federation Febelfin told VRT News that the essence of the new oath that bank employees will have to take is that the customer's interests must always come first and those working for a bank must always act with honesty and integrity but also with competence and professionalism.
Ms Marchand added that “We are convinced that existing bank employees are already very strongly demonstrating the important values of customer focus, integrity and professionalism. This is because banking is of course a very highly regulated industry, and these are values that are already mandatory under existing legislation”. For example, there are already legally binding rules on credit and investment advice.
"However, we think that the bankers’ oath will serve to further increase trust in the banking industry”.
Disciplinary measures
What the difference is with the existing rules is that they more often than not cover the banks as organisations rather than individual bankers, Ms Marchand told the VRT.
Compliance with the bankers’ oath will be monitored by the banking watchdog FSMA.
"If infringements are found following a complaint, individuals can be sanctions, for example by means of a disciplinary penalty.”
The banking oath must be taken by a bank's executives, bank managers and staff members that come into contact with the public and those that supervise them. This amounts to around 60% of all bank staff.