On 1 October, Nordea joined the self-regulation document for the financial sector developed by the Association of Commercial Banks of Latvia – the Social Charter of Banks. The document's purpose is to define guidelines for the self-regulation of participants in the financial sector to promote the maintaining of a responsible and sustainable banking system in Latvia.
More than 200 experts from the financial sector, public and local government authorities, academia, consumer protection organisations, as well as several non-governmental organisations have participated in the development of the Social Charter of Banks.
Jānis Buks, Head of Nordea Latvia: "Development of the Social Charter of Banks, as well as readiness to speak about the responsibility and role of banks in society openly and in a uniform manner is a vital step forward to establish an honest, responsible and long-term relationship both with bank customers and society at large. It is important to note that this document not only defines the best banking practices but also urges customers to become more knowledgeable. So far Nordea has already put a lot of effort into establishing customer relationships based on mutual respect and understanding by ensuring opportunities for its customers to receive financial education and general knowledge in the financial area. The Social Charter of Banks will be another reminder for banks and customers to think about these issues on a daily basis, which is the main precondition for successful implementation of this document."
The Social Charter of Banks serves as new guidelines for industry self-regulation. It describes contemporary banking practice and proposes a model of co-operation between banks and society aimed at creating a long-term relationship. The Social Charter of Banks also includes a special manual for customers regarding financial services and responsibility related thereof. The purpose of the best practice guidelines is to establish a trustworthy, responsible and sustainable banking system in Latvia, that would create preconditions for the balanced financial management and improved welfare of both the banks and their customers in the long-term.
The Social Charter of Banks is available here.