Codes of Banking Ethics and Banking Soft Law in Poland

Abstract

Codes of banking ethics are increasingly common, but practice shows that they are not of major importance to bank customers. In the article it is assumed that the codes do not fulfill their functions, including the function of protecting the consumer against fraudulent practices and abuse of the dominant position of the bank in relation to the retail client. The codes contain norms specifying the most important general clauses that are used in banking law, in particular the clause of good morals and commercial honesty. In order to comply with the principles of good practice and banking ethics, it is necessary to “stiffen” the standards of soft law which are so important that they should be clearly sanctioned. To achieve it, it is necessary to introduce to the banking soft law the information that in the case of dispute with the bank a consumer may also refer to a breach of self-regulations.