The Belgian financial sector federation Febelfin has published a new banking code of conduct for customer relations, the organisation announced on April 21, 2026. The code, which is available in Dutch and French, sets out seven pillars for a good bank relationship: openness and clear communication, dialogue, discretion and data protection, competence, safety and reliability, integrity of the banking system, and respect for the balance of interests. It also includes specific rules for advertising and marketing aimed at minors, as well as detailed provisions for payment services, savings, investments, loans, insurance, and digital banking.
The code is a self-regulatory initiative by Febelfin, which represents the Belgian financial sector. It is based on the International Chamber of Commerce's Code on Advertising and Marketing Communication Practice and is intended as a minimum standard for banks. Individual banks may set more detailed quality norms. The code applies to services offered to natural persons acting for private purposes. Customers can invoke the code first with their bank and, in case of unresolved complaints, with Ombudsfin, the independent ombudsman for financial disputes. Advertising-related complaints can be directed to the Jury for Ethical Practices in Advertising.
The publication of the code comes amid a broader EU regulatory push to harmonise standards across financial and other sectors. On April 16, 2026, the European Medicines Agency (EMA) published binding technical specifications for electronic drug reporting, reflecting a trend toward digital integration and regulatory streamlining. Earlier, on April 14, 2026, the European Union Agency for the Cooperation of Energy Regulators (ACER) proposed enhanced coordination for electricity distribution investments, signalling a move toward centralised oversight in various industries. While these developments are in different sectors, they illustrate the wider context of EU-level efforts to modernise regulatory frameworks.
Stakeholder impact and trade-offs
The code balances consumer protection with operational flexibility for banks. For customers, it strengthens transparency and complaint mechanisms, but the reliance on self-regulation may limit enforceability compared to binding legislation. For banks, the code provides a common framework that can enhance trust and reduce reputational risk, but compliance may require adjustments to internal procedures and marketing practices. National regulators, such as the Financial Services and Markets Authority (FSMA) and the National Bank of Belgium (NBB), benefit from a clearer industry standard but must oversee adherence. The code's specific rules for advertising to minors aim to protect vulnerable consumers, but may restrict banks' marketing strategies for youth-oriented products.