IBF Code of Ethics and Practice
The Irish Bankers' Federation (IBF) is the representative body for the banking sector in Ireland. Its membership includes licensed domestic and foreign banks and subsidiaries of banks operation in Dublin's International Financial Services Centre. Membership of the Irish Mortgage and Savings Association (IMSA), which is affiliated to the IBF, comprises building societies and mortgage lenders
As agreed by member banks of the Irish Bankers' Federation (IBF) and member institutions of the Irish Mortgage and Savings Association (IMSA), this IBF Code of Ethics and Practice introduction lays down the fundamental principles of personal and professional conduct expected of all IBF and IMSA member institutions and their employees in the Republic of Ireland. These general principles are as follows:
The standards set out in this Code will be regarded as the minimum standards of ethical behaviour to be observed by all IBF and IMSA member institutions and their employees. They are further reflected in the detail of actual Codes of Practice which have been adopted on various aspects of banking and which are published as part of this document. This IBF Code of Ethics and Practice introduction will serve as a model for individual institutions, which are free to adopt additional measures as required and to integrate it into their existing codes. This IBF Code of Ethics and Practice introduction, supported by the various Codes of Practice, comes into effect on 1st January 2001.
Integrity
(a) All IBF and IMSA member institutions and their employees are required to behave with integrity and honesty in their dealings (i) with customers and other parties with whom their institution interacts; and (ii) in respect of all internal matters.
(b) Any suspected material violation of a law, regulation or ethical standard must be reported to the appropriate level of authority within the institution. Where appropriate, that authority will report to the relevant statutory authority.
(c) Circumstances should be avoided in which personal interests conflict, or may appear to conflict, with the interests of the institution or its customers.
(d) Circumstances may arise where an employee or respective family members directly or indirectly hold a business interest which conflicts/may conflict with the institution's interest. In order to ensure that the institution makes objective decisions, employees must declare in advance that interest to the appropriate internal authority; and they may be required by their institution to dissociate themselves from any involvement in a decision by the institution that relates to such personal conflict.
(e) Any involvement in an outside activity or any external position held must not give rise to any real or apparent conflict with a customer's interests, must not adversely reflect on the institution and must not interfere with an individual's job performance.
(f) Employees must not solicit or accept gifts, sponsorships, hospitality or service which would compromise, or give the appearance of compromising, their position or any business decision taken by or on behalf of their employer.
Back to TopConfidentiality
(a) All IBF and IMSA member institutions and their employees have a duty to safeguard confidential information obtained in the normal course of business. Respect for customers' private affairs merits the same care as does the protection of the institution's funds or other interests.
(b) This duty of confidentiality involves not divulging information to third parties other than in the following circumstances: (i) where the party concerned has given permission to do so; (ii) where an institution is legally compelled to do so; (iii) where there is a duty to the public to disclose; and (iv) where it is necessary for the institution to present its case - e.g. in court or in other circumstances of a related nature.
(c) Confidentiality applies whether the information has been obtained from those with whom the institution does business or from sources within the institution. All such information should only be used for the purpose for which it is intended and must not be used for the personal benefit of any individual(s).
(d) All employees must sign a declaration of confidentiality/secrecy and must comply with the procedures and regulations in place within their institution. These procedures/regulations are designed to manage and segregate confidential information and to prevent its inadvertent spread and misuse.
Back to TopProfessionalism
(a) All IBF and IMSA member institutions and their employees should carry out their responsibilities in a professional and courteous manner at all times.
(b) Professionalism embraces the necessary skills, qualifications and/or knowledge to undertake tasks in a competent manner.
(c) Employees must conduct their own financial affairs in a prudent manner and should avoid financial situations that could reflect unfavourably on themselves, their institution, or its customers.
Back to TopCompliance
(a) All IBF and IMSA member institutions and their employees are fully committed to ensuring that all business decisions and actions comply with all applicable laws and regulations and to observing good standards of behaviour and practice in accordance with agreed industry Codes of Practice.
(b) Member Institutions will ensure that: (i) all employees will be made aware of this Code; (ii) no employee will be asked to do anything that would contravene this Code; (iii) queries and concerns arising under this Code will be dealt with properly.
(c) When dealing in shares, or any other asset, all employees must comply with all obligations and the regulations set down by individual institutions. Sensitive information held by virtue of their employment in an institution may only be used in the course of that employment and for legitimate purposes.
Back to TopImplementation
(a) Implementation of this Code protects both customers and employees of IBF and IMSA member institutions
. (b) Contravention of this Code will be dealt with in accordance with the policies and procedures of each institution.
(c) All IBF and IMSA member institutions must have in place internal procedures to facilitate employees in complying with their obligations under this Code and in pursuing material contravention of this Code.
Back to TopMonitoring Procedures
The Ombudsman for the Credit Institutions will use this IBF Code of Ethics and Practice in adjudicating on issues that fall within his terms of reference. The Code shall be reviewed periodically, taking into account developments in the industry, customer expectations and comments from interested parties.
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