European Affairs

Work on European level

Everything NFU does is for the benefit of the employees in the Nordic financial sectors. NFU lobbies and influences EU regulation as-well as coordinates and strengthens the cooperation between Nordic bank and insurance trade unions.

The aim is to safeguard the Nordic model and ensure sustainable financial sectors.

Why European level?

EU legislation has a profound impact on the Nordic financial sectors. NFU strives to influence EU legislation to promote the interest of our member unions and the employees in the Nordic financial sectors.

NFU is the Nordic financial trade unions’ voice in the EU.
Our aim is to safeguard the Nordic model and promote sustainable financial sectors for all.

What we think

Collective bargaining

The labour market parties’ right to collective bargaining is an absolute cornerstone of the Nordic model. NFU’s work with financial legislation has made sure that the EU so far cannot interfere with the absolute right of the social partners to govern pay and other core labour market conditions via collective agreements.

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Time and resources

A sound, trusting and sustainable relationship between employees and customers in the financial sectors is vital to the well-functioning of the financial market. Conflicts of interest must be avoided and employees must have enough time to convey proper advice to consumers. Financial regulation must take the interests of employees into account.

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Employees as stakeholders

EU has many different governing bodies in the financial sector that oversees or are influencing legislation, supervision, impact assessments and more. A diverse stakeholder representation in EU institutions and bodies is an important democratic function. Employees must be given seats in relevant stakeholder groups to ensure that the employee perspective is considered.

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Employee representation

Employees should be represented in company boards and in other governance functions. This is key for sound and long-term oriented corporate governance. NFU has ensured that there are wordings in EU legislation that safeguards and promotes employee representation in company boards.

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Competence and training

Technological development is constantly reshaping the landscape of the financial sectors and products that employees sell and give advice about are changing and increasing in complexity. Employees must be given the opportunity to competence and professional development. NFU has secured employees’ right to training and professional development in several new EU proposals.

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Whistle blowing

Warnings from employees from the bottom and up can give early signs of the miss-management of a company and sector. Efficient and safe whistle-blowing systems are essential in order to prevent future crisis. NFU work has ensured that whistle-blowing systems are now a part of several new proposals from the EU.

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A level playing field

Financial regulation, be it EU regulation or national law, must help to create a level playing field throughout the whole EU area. However, it is still important to respect different national practice and culture. Areas that are outside of the traditional financial sector should conform to the same rules as the rest.

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