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For UNI Finance, universal access and high quality of affordable financial services for everyone is a key requirement for a functioning financial market. It is unacceptable that entire areas or people of lower or no income are excluded from financial services.



"Banking services are a prerequisite for participating in the economy and society. Financial exclusion has a strong social bias and furthermore contributes fundamentally to further social exclusion," said Oliver Roethig, Head of UNI Finance. "This vicious circle must be broken."



Experience has shown that codes of conducts are not sufficent; the European Union must put in place a regulatory framework that ensures financial inclusion and and a level playing field among providers.



UNI Finance also emphasises that when addressing financial inclusion the conditions for employees’ to advise customers on financial products must be taken account of. Customers potentially exposed to financial exclusion might need different and more profound advice on even basic finance products to compensate for a possible lower level of financial education. Moreover,



Finance employees in sales situation must have sufficient time to explain the qualities and implications of different products. To this end, the use of excessive sales targets and incentive structures exclusively encouraging sales of products must be avoided.

“Too often, it is the weakest that are exploited the most,” said Roethig. “UNI Finance stands for the right of customers to get good advice and the right of finance workers to give good advice!”



For the text of the submission, see "Related Files".

Further contributions to the EU were given on:

• financial markets supervison
• remuneration in the financial services sector
• retail investment products

UNI Finance's statement and key issues paper on finanical reform can be found here:

"http://www.uniglobalunion.org/Apps/iportal.nsf/pages/20090324_flp3En"