The Thai Bankers' Association (TBA) says the updated code of conduct for the banking industry will provide common guidelines governing business practices for all employees in the sector.
Fifteen commercial banks yesterday signed contracts and declared their intentions to comply with the new code of conduct.
Bank of Thailand governor Veerathai Santiprabhob said the code of conduct is based on three principles -- integrity, fairness and accountability to stakeholders -- in order to build confidence and trust in commercial banks.
The next challenge is translating the code of conduct into practice and making bank clients feel the sense of the change, Mr Veerathai said.
Kasikornbank president Predee Daochai, also chairman of the TBA, said the updated code of conduct is part of the association's five-year strategy starting from 2015.
Others include the national e-payment system, financial literacy, accessibility to financial services, convenience in provincial areas, competitiveness and efficiency.
Krungthai Bank president Payong Srivanich said the code of conduct will create standards for commercial banks to operate with ethics and ensure that customers are treated with fairness and that they can obtain correct information concerning financial products.
The industry's first code of conduct was arranged in 1994, and each individual bank's code of conduct was fashioned to comply.
For the new code of conduct, improvements were made in accordance with international standards and the changing situation and environment.
The new code comprises nine principles: business ethics, the roles of directors and executives, service standards, employees and the work environment, banks' responsibility to customers, conflict of interest, information management, overall supervision, and competition and dispute resolutions.
Each bank will apply the new code of conduct in setting operational standards and communicating with and training employees, Mr Payong said.