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Coping with compliance: today and tomorrow

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UNI Europa

40 Rue Joseph II

1000 Bruxelles

Belgium

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In a new survey, respondents representing 35.000 employees from the finance sector in the Nordic countries evaluate the impact of the new regulatory requirements - and the results are worrying. Nordic Financial Unions (NFU) invites you to a conference to discuss effects, trends and the future of financial regulation.

NFU welcomes you to join a half-day conference presenting a new report, with a unique perspective on how new regulatory requirements impact consumer protection and employee wellbeing. In two panel sessions we will share experiences and discuss ways forward to create a financial sector that is sustainable for employees, consumers and society.

In the first part of the conference a high-level panel with representatives from the financial industry, consumer organizations and trade unions will discuss the current situation within the finance sector. What are the effects of the new regulation on customers and employees? What happens to trust and stability when compliance comes in the way of quality advice and customer service?

In the second part of the conference the distinguished panelists come together to reflect on the future of regulation. How do we ensure that finance contributes to sustainable growth and jobs, and make regulation support a healthy financial sector?

This event will continuously be updated as speakers are confirmed!

For any questions please feel free to contact Emelie Weski:
ewe@nordicfinancialunions.org
+4670 270 75 66


Agenda



Panel 1: Did stronger consumer protection provide the preconditions needed to deliver quality financial services?


Ten years after the financial crisis, the EU’s much-needed financial legislative reforms are about to be fully rolled out across the EU to protect consumers and prevent future crises. The rules include information to customer requirements (IDD II, Solvency II, PRIIPS, MIFID II, and UCITS V); new documentation requirements (MIFID II and Solvency II), and Know Your Customer (KYC) requirements (AML and MAD/R). NFU presents the first employee evaluation of the impact of the regulatory requirements, finding worrying trends that begs the question whether the regulation fulfills its intended purpose.

Shop stewards, representing 35.000 employees spread across the Nordic countries, indicate significant added pressure in the sector and account for observations contradicting the projected impact of the regulation. Only 12% of respondents report the new regulations give customers a better understanding of the product sold. Close to 80% of shop stewards report a rise in stress levels, some even experiencing insults and threats due to the new regulations. Is the regulation really providing the best opportunities for customers to make informed choices or are we at risk of losing the customer’s trust due to lack of time for quality advice?

NFU presents a first report with a unique inside perspective from the financial services shop floor on the impact of the new regulation on consumers and employees. A high-level panel of representatives from industry, consumer organizations, and policy makers meet to discuss the findings and to share their experiences (list to be confirmed).

Confirmed speakers:

  • Monique Goyens, Director General at BEUC

  • Louise Byssing, Chief Compliance Officer, Danske Bank

  • Mikael Budolfsen, President of NFU and President of Finansforbundet Denmark

  • DG Fisma, TBC



Panel 2: The possibilities and limitations of regulation


How do we prevent another financial crisis and create a healthy financial sector? How can consumer protection and employee well-being be jointly addressed to stimulate sustainability in the sector? What impact does company culture and conduct risk have on future financial legislation? Are the trends strong enough to already now begin to look at revisions of the regulations? What should regulation within the finance sector look like and how do we make it happen?

These are some of the questions that a high-level panel of future thinkers, scientists and think tankers tackle as they discuss the trends and future of regulation (speakers to be confirmed).

Confirmed speakers:

  • Aïda Ponce, senior researcher at European Trade Union Institute (ETUI)

  • Benoît Lallemand, Secretary General of Finance Watch

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40 Rue Joseph II

1000 Bruxelles

Belgium

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