No, it has been a legal requirement since 1 April 2015. As of that date, approximately 87,000 people employed in the financial sector have taken the oath.
This responsibility has been given to employers by the legislator. They must arrange an oath-taking ceremony in the presence of at least one manager. Employees take the oath by swearing to abide by the established Code of Conduct. They also sign a declaration to confirm this.
As the name suggests, the foundation is only involved in conducting enforcement of ethics standards. The Banker’s Oath and the associated Code of Conduct were proposed by the banking sector itself, and then formalised in consultation with the legislator.
This independent foundation tests whether a certified individual has abided by the Code of Conduct associated with the Banker’s Oath.
No. Damage claims and/or financial compensation are not covered by the Code of Conduct. As such, our Prosecution Office cannot handle any damage claims and/or financial compensation. You can approach the Klachteninstituut Financiële Dienstverlening (KiFiD), a foundation that deals with complains against financial institutions based in The Netherlands. It can be reached via www.kifid.nl. Alternatively, you can file a civil suit in court.
Yes. The name of the individual will be put on a private register by the Foundation for Banking Ethics Enforcement for a minimum of 3 years. This register can be accessed by financial institutions. This makes it possible for companies to determine whether applicants have violated the Code of Conduct in the past. This register also lists the individuals who received a professional disqualification.
Yes. When you make a report, you will always be issued a confirmation of receipt. Later on in the process, DSI will inform you whether your report is to be investigated.
If the Ethics Committee or the Appeals Committee decides to issue a fine, the proceeds go to the Foundation for Banking Ethics Enforcement’s general reserve.
Reports can greatly vary in nature. For this reason, DSI does not disclose information regarding what kinds of reports it deals with and which it does not. This page shows a number of procedural issues that the report must comply with.
Yes. In such cases the individual is also put on the Foundation for Banking Ethics Enforcement’s register that can be consulted by financial institutions.
The reporter is not a litigant, but does have certain rights. The reporter is informed whether the complaint will be submitted to the Disciplinary Commission, and can appeal for a review by the Commission if the General Director decides that the report cannot clearly be put forward as a complaint. The reporter may also be interviewed by the Disciplinary Commission and he or she will be informed of the decision reached by the Commission and/or Appeals Commission.
All evidence that is used during the disciplinary proceedings will also be provided to the certified individual so that he or she can conduct his or her defence.
The Prosecution Office reviews each report against a number of questions and weighting factors. It is particularly important that it is possible to determine that the Code of Conduct associated with the Banker’s Oath has been violated.
The reporter is not a litigant. For privacy reasons, the hearings are always closed to the public. However, it is possible that a reporter is called as a witness by the Disciplinary Commission.
Yes. Both the Prosecution Office and the certified individual may appeal against a decision.
Violation of the Banker’s Oath concerns an individual. It is therefore crucial that the report includes a sufficiently accurate indication of the identity details of the sworn individual. That is why the name of the certified individual is important. You may contact with the bank in order to find out the name of the sworn individual. If this does not achieve the desired result, you can always get in contact with us.
If it appears that a case involves the violation of laws and/or regulations that were imposed by the AFM/DNB, the Foundation for Banking Ethics Enforcement can report this to the competent authority.
No. The Prosecution Office takes over the case as prosecutor. However, you will be kept informed about the progress of the case.
Not necessarily. The defendant is always offered the possibility of paying settlement transaction (a fine) before the matter is brought before the Commission. If the defendant agrees, the settlement is paid and the case is closed. Appeal is then no longer possible. The defendant’s name will be added to a registry that is open to employers in the financial sector, for a minimum of 3 years.
No, under no circumstances is the identity of the reporter revealed.
This could be a reprimand, a fine of up to €25,000, a compulsory training course or temporary professional disqualification for a maximum of three years. The names of certified individuals who have been sanctioned are entered into our registry for a minimum of 3 years. All Dutch banks have access to this registry.