NFU Coping with Compliance – Experiences from 2021
Executive summary
The NFU has decided to conduct a qualitative follow-up to the 2018 report Coping with Compliance - the Effects of Regulatory Requirements on Employees in the Nordic Financial Sector. The report describes how regulatory requirements affect the working conditions of employees working in sales and advisory functions in Nordic financial institutions. The analysis addresses the organisational effects of EU legislative requirements regarding documentation, consumer product information and Know-Your-Customer (KYC) obligations. The requirements specify, in different ways, specific work routines and tasks that employees must follow and perform in their day-to-day work. The analysis used a questionnaire survey among elected officials from NFU member unions. The 215 union respondents represent just over 35,000 employees in the Nordic financial sectors. The purpose of the 2021 analysis is to revisit the 2018 report, letting new informants assess its trends and conclusions on the impact of compliance on tasks, work processes and well-being.
In particular, the follow-up focuses on:
- Experiences with the volume of documentation
- Experiences with conflicts of interest between good customer service and compliance requirements
- Experiences with customer responses to KYC-related issues
- Experiences with stress related to compliance.
