All Bank Staff to Take Oath
THE HAGUE, 16/08/13 - The bankers’ oath is to be applicable to all staff at banks, under a draft bill from Finance Minister Jeroen Dijsselbloem. He is thereby adopting an important recommendation by the De Wit parliamentary inquiry committee.
Since 1 January this year, the bankers' oath has already applied to management and supervisory board members of a financial concern. From 2015, the oath or promise will also apply to all staff at financial institutions who work directly with clients. Securities dealers will also have to make the oath or promise.
Dijsselbloem also announced an expansion of the suitability and reliability test. Currently, management and supervisory board members of financial concerns are already checked by the central bank (DNB). This will in future also apply to staff responsible for transactions carrying high financial risks.
Additionally, the government contribution to the funding of supervision of financial market will be abolished. From 1 January 2015, all of the costs will be charged to institutions that come under the scope of supervisory bodies DNB and the Financial Markets Authority (AFM).