From Wednesday, senior bank officials and certain bank staff in customer-facing roles in Belgium must take an oath, according to the federation of the Belgian banking sector, Febelfin.
This banking oath, published this Wednesday in the Belgian Official Gazette, applies to credit institutions and banking and investment service agents.
The oath requires workers to adhere to ethical rules in their professional activities, emphasising honesty, integrity, competence and professionalism under all circumstances.
The idea for the oath was first suggested in 2016, following a financial crisis, as a way to improve the sector's image and reputation, according to a spokesperson at Febelfin.
According to Febelfin, the oath reads as follows: "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."
However, only specific banking sector employees will be affected. The oath is intended for those in management or independent audit roles and bankers interacting with clients.
Clients must be treated fairly and their interests considered. The introduction of this oath officially enshrines these ethical standards in law and links them to a disciplinary system.
The Financial Services and Markets Authority (FSMA) will oversee compliance with the oath and investigate complaints against sworn bankers. Violations may result in disciplinary action.
The oath will be taken in person, with written confirmation of the oath being administered. Depending on their role, this will be done either before the FSMA, the competent supervisory authority, or within the credit institution itself.
Belgium is among the few countries to implement such a banking oath. A similar oath exists in the Netherlands and Australia, but in a different form.
The oath will be implemented in phases. Directors, executives and heads of independent audit roles will have six months to take the banker's oath. Other employees will take the oath from 15 July 2026.
