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“The usual top-down approach of regulation and supervision must be complemented by a bottom-up approach”, says UNI-Finance’s Oliver Roethig. “Banks and insurance companies must not be regarded as closed boxes. Companies are first of all operated by their staff.



“UNI Finance as the global representative of 200 unions and 3 million employees in the banking and insurance sector, must be integrated into the new international financial architecture.”



In its recently launched initiative, UNI Finance proposes to feed-into national and international supervisory regimes information on operational procedures within companies that hinder regulatory objectives and excellent customer service. It is based on UNI’s global network of finance unions covering the large majority of banks and insurance companies around the world.



UNI Finance sees a role for its input – and that of other stakeholders– in particular with regard to:

• the supervisory colleges for all major cross-border financial institutions,
  
• the national Financial Sector Assessment Programs,
  
• the future global level regulatory and supervisory framework (IMF and FSF).

The suggested review of compensation practices as they relate to incentives for risk taking are also a key priority for UNI Finance. The trade unions insist however that the analysis and future action by the G20 won’t be limited to executives. Here too, the effects on all employees must be examined.



All in all, the final declaration of the summit addresses most of the 13 demands on financial regulation set out by UNI Finance in May 2008.



“UNI Finance, together with international trade union movement, will continue that the reform will bring about a financial system based on sustainable growth and stability.”