Banker's oath: focus on integrity and customer
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Bank employees will now take an oath, committing to always act with integrity and in the best interest of the customer. The customer is, of course, always central to the services provided by banks, and this oath further emphasizes that. This is a positive development, as the new banker's oath also reflects the important societal role of banks for families and businesses and contributes to strengthening trust in the banking sector. Febelfin is pleased to support the implementation of this oath in all banks.
What does the banker's oath entail?
The banker's oath means that directors and certain bank employees make an individual declaration, committing to respect several important behavioral rules. These include always prioritizing the customer's interests and acting honestly, with integrity, competence, and professionalism:
"I commit myself to act honestly and with integrity, as well as competently and professionally, in all circumstances while performing my professional activities, taking into account the interests of clients and treating them fairly. I have taken note of the specific rules established by the King in this regard."
Formulation stipulated in the Act of 22 April 2019 introducing a banker's oath and disciplinary system for the banking sector
An important step highlighting the sector's commitment
The banker's oath contributes to stronger trust in the financial sector by clearly demonstrating bank employees' commitment to ethical standards and customer focus. This ensures that customers can trust that their interests will always come first.
Moreover, the banker's oath confirms a culture of responsibility and diligence within the bank. By introducing the oath, the same high ethical standards and customer-oriented approach are applied always and everywhere. This creates a uniform standard for all financial institutions in Belgium.
The oath also reflects the important societal role of the financial sector for both families and businesses. For families, this means access to essential financial services that help them achieve their dreams and provide financial security. For businesses, banks offer the necessary financing and advice to grow, innovate, and create jobs. Through the banker's oath, bank employees reaffirm their commitment to fully fulfilling this societal role.
Large number of bank employees take the oath
A large number of Belgian bank employees will now take the oath. The banker's oath is primarily required for employees who are in direct contact with customers and those who supervise these employees. This means that thousands of employees, up to 60% of the staff of financial institutions, will officially commit to the banker's oath. This significant participation underscores the banking sector's dedication to strengthening customer trust and fulfilling their positive societal role.
The law requiring the oath will be implemented in phases. Starting today, directors, executives, and heads of independent control functions have six months to take the banker's oath. This will be done, depending on their role, either with the FSMA, the responsible supervisory authority, or with the credit institution itself. For other bank employees, the oath will be taken as from July 15, 2026.
