Time and resources
Sufficient time and resources
Employees are the ones who sell financial instruments to customers and advising on financial solutions. In order to work effectively, financial regulation must take the interests of employees into account and make use of the employee dimension.
Possible conflict of interest must be avoided. If conflicts of interest between sales pressure and sound advice are not avoided, the objectivity of employees stands the risk of being questioned, which will have adverse effects on the reliability and trust of the sectors.
NFU strives for financial sectors where employees have enough time to convey proper advice to consumers in their daily work, and where employees continuously receive sufficient and in-depth training on the advantages and disadvantages of products. NFU has contributed to ensuring that wordings on prevention of conflicts of interest are now included in important EU financial market rules.
Finance employees want to provide customer with good financial advice and services. Sufficient time and resources are key to acheive this goal.
What NFU thinks
A sound, trusting and sustainable relationship between employees and customers in the financial sectors is absolutely vital to the well-functioning of the financial market.
Conflicts of interest must be avoided – the pressure to sell must not impair on the client’s right to be given accurate information and good advice.
Financial companies must provide employees with the adequate skills, time and resources to be able to inform the clients and give good advice on financial products.
Aggressive sales targets and merit rating systems are counterproductive to customer protection and qualified advice, and they must be avoided in the financial sectors.
Rules on distribution and selling practices should not increase the administrative burden of individual employees. Further administrative requirements risk decreasing the quality of advice and service to customers.