The Netherlands is considering a bill that would force all bankers to take a Hippocratic-style oath pledging to place the needs of customers and society above all, according to Presseurop.The bill would also institute a disciplinary tribunal to hear cases of bankers violating the oath.
Not surprisingly, bankers aren’t thrilled — the site says the bill has caused “unrest” within the profession.
One legal expert thinks the measure is short sighted.
Self-regulation within the profession may be like allowing butchers to carry out checks on their own meat. What’s more, the disciplinary council rules will be difficult to apply, notably with regard to bankers whose activities could endanger the entire financial system […] like Jérôme Kerviel at Société Générale. Who are their customers? Who will file a complaint with the disciplinary council?
Business Insider Emails & Alerts
Site highlights each day to your inbox.