Banking Code

The Dutch Banking Code ('Code Banken') was drawn up by the Netherlands Bankers' Association (NVB) in response to the report entitled 'Restoring Trust' ('Naar herstel van vertrouwen'), which was published by the Advisory Committee on the Future of Banks (Adviescommissie Toekomst Banken) on 7 April 2009. The recommendations of the Advisory Committee’s report have been used as the basis for this Banking Code. The Dutch Banking Code came into force on 1 January 2010 and was updated per 1 January 2015.

The Banking Code is mandatory for NatWest Markets N.V. as stated in Book 2 of the Civil Code, Sublanding 391, section 5 as from 1 January 2010. It applies to all activities performed by banks that are in possession of a banking licence granted under the Financial Supervision Act (‘Wet op het financieel toezicht (WFT)’).

The Code offers specific provisions, but underlying these provisions its aim is to instil learning in the banking sector following the financial crisis. Drawing lessons and implementing change with the aim to restore trust among all our stakeholders,: clients, staff, investors and society at large. As is well-known, NatWest Group has undergone and continues to undergo deep change following the crisis. NatWest Group’s business strategy has been formulated anew, its top management has been comprehensively replaced, its corporate governance has been strengthened (including a drive for best practice disclosure and transparency), its corporate culture is being reshaped to reinforce responsibility and checks and balances within the organisation, and finally, cutting through all of these changes, its risk management structure and practices are being upgraded to take on the sound role that risk management must fulfil in a longer-term sustainable bank. All this is done so as to offer a basis for the recovery of the excellent businesses present in the company.

Independent assurance

NatWest Group plc (formerly The Royal Bank of Scotland Group plc) appointed Ernst & Young LLP to provide limited independent assurance over selected sustainability content within the Strategic Report (“the Report”), as at and for the period ended 31 December 2017. The assurance engagement was planned and performed in accordance with the International Standard for Assurance Engagements (ISAE) 3000 Revised, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information.

These procedures were designed to conclude on:

  • The consistency of selected narrative claims on sustainability with underlying performance information, and;
  • The accuracy and completeness of the sustainability performance indicators listed below:
  • Value (£) of attempted fraud prevented in the UK
  • Total gender balance in top 3 senior layers
  • Total number of people supported through our enterprise programmes
  • % personal customers who are digitally active
  • Total number of Financial Health Checks
  • Banking Standards Board survey results
  • % of staff who received CB:PSB standards certification
  • Total scope 1 and 2 location based CO2e emissions and Scope 3 emissions from business travel.

An unqualified opinion was issued and is available on natwestgroup.com, along with further details of the scope, respective responsibilities, work performed, limitations and conclusions.

For further information on the Banking Code and NWM N.V., please contact:

NatWest Markets N.V. 

Corprorate Governance & Regulatory Affairs 

Claude Debussylaan 94


The Netherlands, 1082 MD