News

Gathered in Dublin on two mild December days, UNI Europa Finance affiliates discussed sales practices and working conditions in terms of what appropriate incentive structures means to good costumer services. Delegate contributions to the debate showed that the conflict between sales and advice is an issue for workers all over Europe.



Colleagues from UNITE in the UK reported that sales pressure is extremely high and bonuses a necessary part of a decent salary - though the bonuses are not big! The start salary in a UK bank is the same as for a supermarket trolley worker, product sales are linked to bonuses which forces workers to selling specific products to costumers to score high points rather than specifically meet customer needs. Workers risk losing their jobs if they do not perform adequately. The situation is untenable.



In Italy bad sales practices are also an issue. Two major banking groups are working towards agreements with trade unions which will limit sales pressure and sales targets.



In the Nordic region workers also experience the conflict between selling and advising. Trade unions in Sweden have put forward proposals to work with consumer groups within the financial sector in order to establish ethical guidelines. Also a new law provides that sales should be documented and sanctions cannot be imposed on individual advisers bit rather on the company as a whole.



Elements of the UNI Europa Finance approach include the setting up of an expert network on sales and advice and the development of a model charter on 'responsible sale of financial products' in cooperation with other relevant stakeholders such as consumer organisations and rating agencies. A conference will be held in June 2010 in Copenhagen to launch the model charter. This will be followed by a workshop designed to address how companies can participate and adopt a charter for their organisation.



In addition, a 'day of action' on sales and advice is planned to take place in around 12-16 April 2010.