Finance
Our work with policy-makers
UNI Finance is actively contributing to the regulatory reform of the finance sector with a specific focus on EU regulation and G20 summits.
EU Regulation
UNI Europa Finance is advocating for a well-run and sustainable banking system that can support the real economy, social welfare and job creation within and outside the banking sector. The financial crisis has clearly demonstrated that the real banking function has been pushed aside by speculative investment banking to the detriment of society, economy, customers and employees. This trend must be reversed if we want to build a sustainable economy which can meet the needs of human beings on the long term.
With the influx, and high speed process of EU financial regulation, following the financial crisis and having a direct impact on the daily work of the employees in the finance sector, UNI Europa Finance, as a social partner, plays a crucial role in ensuring employee protection throughout this process.
We are in daily contact with the European institutions, actively trying to ensure that the employee dimension is not sidelined in the financial regulatory agenda. In addition, forward-looking, standing bilateral meetings are held twice per year with European Commission’s Directorate General for Internal Markets and Services and we have representatives in the European Supervisory Authorities’ stakeholder groups.
Focus areas include:
- Training and competence development - an appropriate level of knowledge and competence in relation to products offered should be ensured for staff, with continuous training and competence development being the responsibility of the company.
- Whistleblowing - employees should be able to report potential or actual breaches through both external and internal whistle-blowing structures while being ensured anonymity.
- Santions - it must be ensured that no sanctions are applied to employees who have followed internal rules, instructions or practices within the financial institution.
- Employee representation on boards - in view of employees’ long-term interest in the sustainable management of the institution and because of their experience and knowledge of its internal structures, they contribute to diversity and stability, thus to better risk management in the institution.
- Sales pressure and targets - the use of sales targets should be limited in order to avoid conflicts of interests and to reduce pressure on employees.
- Good advice – sales targets should be adequate and proportional and not conflict in any way with the provision of quality advice. Staff must be given adequate time and resources to be able to provide all relevant information to clients.
UNI Europa is a member of Finance Watch, an independent non-profit members’ association which acts as a public interest counterweight to the financial lobby. Its mission is to strengthen the voice of society in the reform of financial regulation by conducting advocacy and presenting public interest arguments to lawmakers and citizens.
If you would like to know more about the regulatory work at EU level please contact:
Morten Clausen, Policy Officer, EU financial regulation, morten.clausen@uniglobalunion.org
Luciano Malvolti, Coordinator, UNI Europa Finance regulation working group, lucianomal@libero.it
Michael Budolfsen, UNI Europa Finance Vice President mb@finansforbundet.dk
Key EU links
European Commission, DG Financial Stability, Financial Services and Capital Markets Union (DG FISMA)
European Parliament, Economic and Monetary Affairs Committee (ECON)
Council of the European Union, Economic and Financial Affairs (ECOFIN)
Key EU links
Finance Watch
European Commission, DG Internal Market
European Commission, Economic and Financial Affairs
Global crisis and G20
Having a seat at the table of the “L20” (Labour 20) summits, UNI-Global Union is an active stakeholder during the negotiations with the Heads of States and Ministers of the G20 countries. UNI is working with other organizations such as ITUC and Transparency International to convince G20 leaders to adopt effective measures for job creation, social protection and transparency in the financial system.
The financial crisis is now having multiple impacts on the real economy, resulting in job loss, protests and civil unrest.
UNI Finance and its affiliates are working together to make the union’s voice better heard, asking for alternative social and economic policies which protect people’s rights from austerity measures: speaking with one voice, speaking people’s voice.
Key links
Transparency International