Global unions taking on financial regulation, targets

Global finance union UNI, of which Finsec is a member, has been involved in some recent initiatives to support better regulation of the finance sector, and to promote responsible sales of finance products.
UNI, with other union groups, participated in the consultation on good practice principles for supervisory colleges of multinational banks by the Basel Committee on Banking Supervision. These colleges were established by the G20 with objectives of closer cooperation and cross-border supervision.

The union groups said financial regulation and supervision has been characterised by de-regulation, exploitation of loop-holes, regime shopping and ineffective supervisory structures, especially regarding multinational banks. In short, any proper system of checks and balances was and still is missing.
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UNI (and Finsec) has also been lobbying for change in the area of sales targets, with the development of a model charter on responsible sales of financial products. The charter sets out how to make sales fairer for both staff and customers.

Read the charter here:$FILE/Charter%20-Final,%2011.6.-en.pdf


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