Banks to get more time to comply with their own banking code

Thursday 16 September 2010

A majority of MPs have decided to give banks more time to comply with their own code of conduct, rather than enshrine the code in law, news agency ANP reported on Thursday.

The VVD Liberals and CDA favour giving banks a later deadline, as does the Labour party. But the Socialists, left-wing greens and anti-Islam PVV want to force banks to comply with their code through legislation.

The code came into effect on January 1 with the aim of giving banks clear duties in terms of risk management, remuneration policy and regulation. New bankers also have to swear an oath that they will operate ethically.

© DutchNews.nl

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