New NFU replies to the European Commission
During the last weeks, NFU has been busy sending in replies to European Commission consultations regarding pay, pensions, financial inclusion and risk management.
In the draft guidelines from the CEBS (Committee of European Banking Supervisors) regarding remuneration, the wordings on the right of social partners to conclude and enforce collective argeements has been removed. NFU points out that this is unacceptable from a Nordic perspective. The European Parliament has endorsed recital 14 in the draft directive, where these wordings stand. The recital is of vital importance for our Nordic models, where we regulate pay through collective agreements. In the reply, NFU urges the CEBS to include the recital in their guidelines.
In relation to European pension system, NFU presses on the need for product transparency. Pension systems affect nearly everyone in society – and as the complexity of pension products increases, it is vital that roles, risks, and responsibilities are made crystal clear.
The consultation on access to basic payment account discusses if there should be an obligation for the financial industry to provide basic access to finance for all. NFU agrees with the perspective that new customers to the banking system will become potential customers for other financial services. In that way, the overall market can expand.
According to the proposal on countercyclical capital buffers from the Commission, these buffers would be added to banks’ minimum regulatory capital. NFU agrees that such measures might lead to a greater financial stability – but that they also will lead to higher costs for the companies. This in turn might lead to shifts in customer adherence and reduced personnel costs. NFU also maintains that measures like these should be set on a pan-European level. That way, a level playing field between countries and products is ensured.
Interested in more information? Read the whole consultation replies here.