What is a code of conduct?
A code of conduct (or a code of practice) is a set of enforceable rules setting out an industry’s commitments to deliver a certain standard of practice.
Codes of conduct are intended to raise industry standards and complement legislative requirements, and aim to encourage consumer confidence in a particular industry.
An approved code of conduct should meet a number of criteria, including:
- a comprehensive body of rules developed in consultation with stakeholders
- enforceability against subscribers to the code
- adequate provisions for dispute resolution, remedies and sanctions
- effective and independent administration – including compliance monitoring.
We have launched a Code of Conduct for E- Money Providers with the aim of establishing common business principles that all e-money providers will commit to implementing. As the industry grows, the Code of Conduct will support the development of a safe and responsible industry for digital financial services.
Launched on the 10 November 2016, the Code of Conduct identifies principles aimed at promoting e-money providers’ adoption of consistent risk mitigation practices in certain critical areas of their business such as soundness of services, security of the e-network and channel, and fair treatment of clients.
The code of conduct
This Code of Conduct identifies principles aimed at promoting e-money providers’ adoption of consistent risk mitigation practices in certain critical areas of their business. For the e-money sector to continue to drive the growth of the digital finance ecosystem, e-money providers (“providers”) have adopted a Code of Conduct aimed at ensuring that their services are sound, the channel is secure, and the customer is treated fairly.
The Code of Conduct will support the continued growth of the industry by:
- Improving quality of services and customer satisfaction;
- Facilitating the implementation of trusted partnerships; and
- Building trust with regulators and encouraging the implementation of appropriate and proportional regulatory standards.