Stichting Tuchtrecht Banken ceases operations over regulatory disputes

The Stichting Tuchtrecht Banken (STB), the foundation responsible for the disciplinary law intended to increase trust in the financial sector, has announced it is ceasing operations. The organization is terminating its cooperation agreement with the Dutch Banking Association (NVB), claiming that banks are frustrating any attempts to improve the disciplinary system.

The STB reported that the current system, established in 2015 following the banking crisis, is ineffective because banks primarily report simple cases to the foundation. The organization noted a lack of reports regarding active employees or management personnel. Consequently, the Disciplinary Committee and the Board of Appeal have refused to continue their duties.

The STB has called on Finance Minister Eelco Heinen to establish a “thorough, independent” alternative, arguing that the disciplinary process should be organized independently of the banks rather than being left to the institutions themselves.