NFU - Nordic Financial Unions

NFU - Nordic Financial Unions NFU – Nordic Financial Unions builds cooperation among Nordic financial trade unions and promotes their interests in Europe.

Through our seven member unions, NFU is the voice of the employees in the Nordic financial sectors.

Last week, the Commission released its actions to strengthening social dialogue both at the national and EU level. NFU c...
06/02/2023

Last week, the Commission released its actions to strengthening social dialogue both at the national and EU level. NFU coordinates the social dialogue for the Nordic finance trade unions in both the banking and insurance sector. Here is our initial analysis of the ambition to strengthening the sector social dialogue at EU level.

https://nordicfinancialunions.org/nfu-analysis-european-commission-communication-on-strengthening-eu-social-dialogue/

Last week, the Commission released its actions to strengthening social dialogue both at the national and EU level. NFU coordinates the social dialogue for the Nordic finance trade unions in both the banking and insurance sector. Here is our initial analysis of the ambition to strengthening the secto...

Skills and competences are key for a prospering and secure finance sector where employees can guide customers towards su...
13/12/2022

Skills and competences are key for a prospering and secure finance sector where employees can guide customers towards sustainable investments and services, and implementing digital tools in an responsible and sustainable way. But are we at a point where employers and trade unions come to the table with different solutions to completely different problems?

Read the latest NFU Blog by Policy Advisor Simon Jernberg where he deliberates on the topic.

https://nordicfinancialunions.org/skills-and-competences-the-key-for-a-prospering-and-secure-finance-sector/

Sustainable finance and digitalisation have been dominating the finance sector for the last decade and will continue to shape the future of finance. In the middle of this transformation stand finance employees entrusted with a great responsibility to guide customers towards sustainable investments a...

NFU POSITION PAPER - Artificial Intelligence in the Nordic finance sector: risks, challenges, and opportunities for fina...
01/12/2022

NFU POSITION PAPER - Artificial Intelligence in the Nordic finance sector: risks, challenges, and opportunities for finance employees

NFU is today publishing a Position paper on Artificial Intelligence in the Nordic finance sector. The paper is addressing the risks, challenges, and opportunities for finance employees connected to AI systems.

The rapid development in the use of AI systems in the finance sector brings potential challenges for finance employees. The challenges connected to AI is twofold: first, employees are expected to learn, understand, and use AI systems in their roles, and second, they are targeted by AI systems that measure their performances, used in management, and collecting their data.

Among the policy recommendations, NFU demand for an employee perspective when implementing AI systems. Employees must be offered training and competences both to use AI systems in their work and to assess when AI systems are being used in the workplace. Employees shall never be held liable for malfunctioning of AI systems. A strong role must be given to trade union representatives in the development, implementation, and evaluation of AI systems in the workplace. Further, harmonised regulation of AI is needed both at EU and global level that address the collective rights of employees and cumulative harms.

The position paper and more information can be found here:
https://nordicfinancialunions.org/nfu-position-paper-artificial-intelligence-in-the-nordic-finance-sector-risks-challenges-and-opportunities-for-finance-employees/

NFU is today publishing a Position paper on Artificial Intelligence in the Nordic finance sector. The paper is addressing the risks, challenges, and opportunities for finance employees connected to AI systems.

NFU PRESS RELEASE – New NFU report shows that flexibility in where, when and how work is done is key for financial emplo...
26/09/2022

NFU PRESS RELEASE – New NFU report shows that flexibility in where, when and how work is done is key for financial employees’ wellbeing in hybrid work life

Today, Nordic Financial Unions (NFU) release the report Quality work environment in the Nordic finance sector - employee wellbeing in a post-pandemic world. The report builds on the challenges and opportunities for financial employees in the Nordic countries during the pandemic and presents important learnings to bring into the new normal hybrid work life.

Flexibility in where, when and how work is done, as well as autonomy for employees to influence their working day are key take aways. When NFU affiliates have asked their members, it is flexibility over the work life arrangement and increased influence, not the remote working in itself that is key to increased wellbeing.

- It is great that NFU can show a joint Nordic picture like this. Even though there are differences between the national cases, we find a lot of common challenges and opportunities, and there are many common learnings that should be built upon in the work ahead, says Michael Budolfsen, President of NFU

Among the challenges for a hybrid work arrangement, two aspects are of extra importance to address. It is important that employers and managers make sure that there will not be an A and B team, with the A team in the office, and B team from home. Further, the hybrid work arrangement must not end up in a gender trap where women work more remotely than men and hence risk being treated differently.

- We see a lot of challenges for employees in the hybrid workplace, for example when it comes to onboarding of new staff, training and competence development and the risk for an A team of those working in the office and a B team of those working from home. NFU sees that managers play an ever-greater role in the hybrid workplace which calls for new forms of training and resources, says Carin Hallerström, NFU General Secretary”

The full report can be found at https://nordicfinancialunions.org/publications/

Contact
For questions and inquiries please contact Simon Jernberg, Policy advisor at NFU. [email protected]

Publications NFU Publications NFU works to influence the agenda of European policymakers through a high level of knowledge and expertise. We do this by conducting research, policy analysis and recommendations on regulation and financial sector policy issues. Find some of our publications below. Qual...

On Wednesday at 9:00 am will European Commission President Ursula von der Leyen deliver her State of the European Union ...
12/09/2022

On Wednesday at 9:00 am will European Commission President Ursula von der Leyen deliver her State of the European Union (SOTEU) address, during which she will lay out her legislative and executive plans for the coming 12 months in front of the European Parliament.

NFU will watch this exchange with anticipation and expects concrete proposals, which will benefit the joint objectives of our member unions, representing the workforce of the Nordic financial and insurance sector. Transition to a carbon-neutral economy is only possible with a fit-for-purpose legal framework of financial and insurance service on the single market. This affords clear sustainability criteria for employees, who provide expertise for corporate and private customers. For this reason NFU expects the European Commission President to offer the prospect of a reliable timeframe for the launch of the upcoming climate package, as facilitation of sustainable investment and related disclosure requirements can otherwise only remain feel-good and symbolic actions.

NFU is also awaiting the Open Finance Framework legislative package, which should have already been put forward. The Nordic financial sector is one of the most digitized and thus requires these legislative initiatives for seamless data access and sharing with clear demarcation between the GDPR and more specific data legislation. Employees need to have sufficient clarity regarding the primacy system of the GDPR.

Read the full NFU press release here: https://nordicfinancialunions.org/news/

AND make sure to watch the European Commission President and listen in on 14 September 2022.

News AllNewsBlogEvents 2022.09.12 | NFU News NFU Press release: State of the European Union (SOTEU) address 2022 – what’s in it for us? European Commission President Ursula von der Leyen will deliver her third State of the European Union (SOTEU) address on 14 September 2022. Last year, the Presi...

NFU welcomes Anna-Delia Papenberg as new EU Coordinator!NFU is strengthening its regulation and lobbying work and is hap...
03/08/2022

NFU welcomes Anna-Delia Papenberg as new EU Coordinator!

NFU is strengthening its regulation and lobbying work and is happy to welcome Anna-Delia Papenberg to the team in Stockholm. Anna-Delia has extensive working experience with EU legislators and law enforcement institutions, such as the European Commission, European Social Committee and the Data Protection Supervisor.

"As newly appointed NFU EU Coordinator, I will do everything in my power to promote the interests of 150.000 employees in the Nordic financial sector represented by NFU in EU policy and EU legislation. Working with my new colleagues in Stockholm and Brussels and the member unions in all five Nordic countries is an exciting new experience for me. I am delighted to establish close new relationships to ensure the Nordic labour market model’s influence in the EU and to promote stronger social dimension of the EU single market", says Anna-Delia Papenberg.

https://nordicfinancialunions.org/anna-delia-papenberg-starts-as-new-eu-coordinator-at-nfu/

One of the biggest news in finance during June has been the news that Apple moves into Buy now – pay later (BNPL) and le...
16/06/2022

One of the biggest news in finance during June has been the news that Apple moves into Buy now – pay later (BNPL) and lending services. This is the confirmation of rumours having circulated during the last couple of months, that Apple has been moving into cooperation with financial actors and increased their focus on financial services. Is the latest move by the US Big Tech company a game changer in financial services?

Read the analysis by NFU Policy Advisor Simon Jernberg for more insights and the possible effects of the move by the Big Tech company.

https://nordicfinancialunions.org/apple-speeds-up-move-into-financial-services/

One of the latest week’s biggest stories in finance is Apple’s move into Buy now – pay later (BNPL) and lending services. This is the confirmation of rumours having circulated during the last couple of months, that Apple has been moving into cooperation with financial actors and increased thei...

Interested in knowing more about the NFU/UNI Europa Finance/Univesrity of Gothenburg project "How Fintech affects the fi...
02/06/2022

Interested in knowing more about the NFU/UNI Europa Finance/Univesrity of Gothenburg project "How Fintech affects the financial sector and what the effects are on collective bargaining in the European financial sector"?

All information about the project, the project reports, recordings from the workshops and of the final conference is now available at the project website.

All information about the project, the project reports, recordings from the workshops and of the final conference is now available at the project website.

"If we are to secure a green and digital transition for the next generation, that transition needs to be a fair and just...
19/05/2022

"If we are to secure a green and digital transition for the next generation, that transition needs to be a fair and just transition". That was one of the biggest takeaways from the Brussels Economic Forum that took place on May 17.

NFU Policy Advisor Simon Jernberg attended the Brussels Economic Forum. Read his reflections in this NFU Blog.

https://nordicfinancialunions.org/brussels-economic-forum-a-green-and-digital-transition-must-be-a-fair-transition/

NFU Policy Advisor Simon Jernberg attended the Brussels Economic Forum. Read his reflections in this NFU Blog.

Last week, on May 10, Nordic Financial Unions and Uni Europa Finance, together with the University of Gothenburg hosted ...
16/05/2022

Last week, on May 10, Nordic Financial Unions and Uni Europa Finance, together with the University of Gothenburg hosted the final conference of the project 'How Fintech affects the financial sector and what the effects are on collective bargaining in the European financial sector' in Copenhagen. The day was a mix of different panel discussions of the challenges and opportunities Fintech pose for the finance sector and finance unions.

A full summary of the day can be found here: https://nordicfinancialunions.org/nfu-and-uni-europa-finance-host-final-conference-in-fintech-project/

More information on the project, the project report and recordings of workshops and the conference can be found here: https://fintechandtradeunions.com/

Last week, the Financial Stability Board published a report about the rapid developments in the digitalisation of financ...
30/03/2022

Last week, the Financial Stability Board published a report about the rapid developments in the digitalisation of financial services during the Covid-19 pandemic and how this development has been in favour of Fintech and Big Tech companies, and a challange for traditional financial institutions.

NFU Policy Advisor Simon Jernberg has read the report and here is his analysis of the overall development and its implications for the Nordic context.

https://nordicfinancialunions.org/the-changing-landscape-in-financial-services/

The rapid digital development of financial services during the Covid-19 pandemic have enabled Fintech and Big Tech companies to strengthen their position in the financial markets says a new report from the Financial Stability Board. What implications might this have for the financial markets structu...

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