Nordics Union Update on EU regulation

Veröffentlicht: 10 Oktober 2012
Google translate: 


    Sales targets not mentioned in Insurance Mediation Directive

    Sales pressure in the insurance sector is a major challenge that needs to be addressed to avoid conflicts of interests. This became clear at an NFU seminar on the revision on the Insurance Mediation Directive (IMD II), where insurance emplyees described how sales targets are constantly being raised. More and more staff, such as customer care and claims departments, are also being seen as salesmen.



    The EU proposal on IMD aims at improving consumer protection, for example by more clear separation of information and advice. However, the proposal does not at all mention sales targets, which are at the core of the problem! NFU now will lobby the EU, to show how sales pressure can come in conflict with the best interest of the consumer. Read more about     IMD II.



    NFU joins forces with consumers

    The consumers agree that sales targets are a problem in the insurance sector, says European consumer organisation BEUC. During the autumn, NFU and BEUC will work together to make sure that rules to limit sales pressure is included in the Insurance Medition Directive (see above) and also to make sure that staff get proper work-place training.



    NFU wins on MiFID

    The new MiFID rules will work in favour of employee representation on company boards, and will ensure anonymity for whistle-blowers. That was the result of the October 26 ECON committee vote in the European Parliament, where several NFU proposals where passed.



    The committee supported not just the above but also other NFU proposals: competence requirements and employees’ right to competence development, and that sales targets must not be excessive and work against the customers’ interests. The next step in the decision making process is the European Parliament plenary, due in late October. Read more about     MiFID.



    Likkanen report: Split banks into retail and high-risk units

    Banks should be divided into deposit-taking banks for ordinary customers and separate institutions that carry out high-risk trading. This is one of the proposals from an EU high-level expert group led by Bank of Finland governor Erkki Liikanen, that NFU will soon give feedback on. Read more about the proposals here.