Ethical Standards

Ethical standards of INDUSTRA  (hereinafter - the Bank) determines the basic principles for  development and maintenance of the system of the Bank's corporate values applied to providing financial services to customers, maintenance of legal labour relations, development of partnership and communication in public area, in accordance with the requirements of laws and regulations of the Republic of Latvia and principles of generally adopted international practice.

Financial services

The Bank provides and develops its financial services on the basis of fair business principles and reguirements of legislation, ensuring compliance with laws and regulations of the Republic of Latvia, as well as strategy and plans of the commercial activities of the Bank. 

The Bank offers and provides financial services to its customers on the basis of the principles of veracity, mutual respect, honesty and professional care. The Bank respects and does not limit - neither directly, nor indirectly - rights of its current and potential customers to choose the type of financial services, their providers or means of receipt. The Bank provides clear, precise, full and topical information to its customers regarding its rates for services, and ensures their public availability and update in accordance with regulatory requirements of the industry.

The Bank commences and maintains cooperation with customers on the basis of concluded agreements, ensuring precise and full set of terms and conditions, covering  the whole course of cooperation (General terms and conditions for transactions of the Bank), which are communicated to the customers in accordance with the concluded agreement. The Bank ensures precise and understandable wording of agreements and other documents certifying transactions, clearly defining rights and obligations of the parties. The Bank ensures that its employees always provide detailed and objective explanation to the customer regarding the legal terms and conditions of cooperation and fulfillment of transactions, when a customer, its representative or authorised person has made a request for it.

The Bank complies with confidentiality requirements of the customer service and other information of transactions within a framework of the applicable legislation of the Republic of Latvia, as well as ensures the customer data protection.

In regard to the situations of potential conflict of interest the Bank ensures their timely identification, regulation and elimination, to the extent possible, of the consequences of in accordance with provisions of applicable legislation. The Bank ensures protection of customers' interests in accordance with requirements of legislation of the Republic of Latvia ("Consumer Rights Protection Law" and "Unfair Commercial Practice Prohibition Law"). The Bank does not permit violation of the provisions of legislation or laws, terms and conditions of agreements, as well as interests of itself or its customers, caused by any illegal material stimulus - in addition, the Bank excludes taking of bribes and bribery from its business practice, and performs necessary and expedient measures to control the compliance with  these provisions.

When providing financial services abroad (in foreign branches of the Bank), the Bank complies with requirements of these Ethical standards to the extent they do no contravene the requirements of laws and regulations of the respective country, where the foreign branches of the Bank are registered.

Partnership

The Bank develops and maintains partnership with participants of the financial market in Latvia and abroad on the basis of equal, fair and open cooperation, mutual benefit and approval of the competent officials of the contracting parties. When commencing and developing partnership, the Bank ascertains that it complies with the requirements of legislation, business development strategy of the Bank and does not harm the reputation of the Bank or the interests of its customers.

The Bank respects the competition principles of the open market, which ensures opportunity to perform commercial activity in the environment of free and fair competition for each participant of the market. The Bank supports actions, commenced with the purpose to maintain favourable competition environment within a framework of requirements of the Competition Law. The Bank does not participate   in any agreements directed towards limitation of competition principles or establishment of illegal market concentration.

Communication in public space

The Bank complies with requirements of laws and regulations in its advertising activities and marketing projects, as well as with the generally accepted basic ethical principles of participants of the financial service sector for public and mutual communication.

The Bank does not use misleading advertising and accepts the use of comparative advertising only on the basis of precise, objective and topical information being at its disposal. When providing any public information, including all kinds of publications, notices and comments provided by the representatives of the Bank, the Bank uses only true information, which is substantiated by objective facts and materials being at the disposal of the Bank.

The Bank clearly regulates the rights and obligations for its officials and employees to provide public information. In the case if the representatives of the Bank have provided such public information, it shall be regarded as the Bank's own disclosure of information, assuming full responsibility for such information.

Legal labour relations

The Bank acknowledges that the quality of its financial services is ensured by professional personnel, with sufficient experience, high sense of responsibility of each employee and culture of mutual communication. The Bank develops and applies clear requirements approved by the management of the Bank for fulfilment of duties of the position and performs careful personnel selection. The Bank determines criterions for professional compliance and requirements for all employees, including, members of the council, members of the board of the Bank, as well as managers of structural units of the Bank and other employees of the Bank to fulfill their duties in professional and fair manner, to be objective and comply with the requirements of internal and external regulations of the Bank by ensuring confidentiality of information regarding the transaction and a customer and commercial secret.

The Bank establishes and maintains legal labour relations in accordance with requirements of the legislation of the Republic of Latvia. The Bank ensures full and sufficient information for each employee regarding its job obligations and internal regulations and procedures related to the fulfilment of them, as well as organises regular professional trainings for employees.