NFU News

Cooperation – the way to maximize influence

Stakeholders are welcoming NFU’s views on competence and pay in IMD2 as well as our views on crisis management of banks. In Brussels last week, NFU concluded several agreements to cooperate on amendments to the two most important proposals this autumn. The final shape of the cooperation is yet to be explored, but NFU will work both with the European consumers in BEUC and the insurance employers in Insurance Europe to shape the IMD2 rules to benefit employees. A deal was also made for cross-sectoral union action on the crisis management proposal, where trade union rights must be safeguarded.

The value of cooperation

The discussions show the value of cooperating with others. A small organization can, if the arguments are in place, reach much bigger audiences and better influence on lawmakers if it teams up with other credible actors. For example, consumer and trade union opinions have long been drafted along the same lines. Since the consumers today have a very strong voice in the halls of the decision-makers, it would be almost criminal NOT to seek out common ground. If we take excessive sales pressure as an example – it is something that can hit the customers in the form of bad advice and the employees in the form of bad working environment. A crystal clear case for cooperation!

New input on MiFID

While in Brussels, NFU also attended a conference on MiFID organized by Finance Watch, yet another organisation that NFU cooperate with. At the conference, prominent decision-makers and experts attended, such as Marcus Ferber, the MiFID rapporteur of the European Parliament, Nadia Calviño from the European Commission and Mike Masters, hedge fund manager and lobbyist for sustainable finance.

According to Marcus Ferber, finance employees’ concerns stand center stage as the MiFID rules become national law. The quality of the whole sales chain is at the heart of the matter of the investor protection rules in MiFID, explained Markus Ferber. Giving customers good quality advice is of course a key aspect of this, and Ferber promised that the European Parliament will monitor the process of implementing the MiFID rules in national law closely.

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