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How does the
sector make its
ethical codes
work?
Various codes of conduct were re-
worked after the financial crisis be-
cause the question arose whether they
had been sufficiently worked upon
and complied with. The control of the
conversion of the codes was also made
stricter in practice.
A code of conduct is communicated to
all employees via the electronic chan-
nels and training sessions.
Most financial institutions had already drawn
up a code of conduct for their employees long
before 2007. It specifies principles that deter-
mine which conduct is acceptable and which is
not. A code of conduct often goes further than
what is mandatory.
During and after the financial crisis, however,
the question arose whether the codes of
conduct were sufficiently complied with every-
where.Inresponsetothatcriticism,thefinancial
sector reworked various codes of conduct.
Moreover, the financial institutions have tight-
ened control over the way in which the codes
are put into practice.
Within the financial sector, various codes of
conduct are available at sector level:
> the code of conduct for (savings) banks,
which aims at a good relationship between
bank and customer;
> the code of conduct between banks and
companies in the framework of lending;
> the code of conduct in respect of bank mo-
bility (moving of the bank);
> 10 principles for issuing and providing con-
sumer and mortgage loans in a responsible
manner, etc.
The various codes of conduct are part of the
sector-level study packages of Febelfin Academy,
the training institute of the financial sector.
Ethical conduct is also one of the strategic pri-
orities of each individual financial institution,
and the bar has been set at the highest level:
responsible and ethical banking is therefore a
commitment of the financial institution at the
level of the CEO, who will have the idea imple-
mented at all levels of the organisation.
3.
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GOOD GOVERNANCE