UNI Europa Finance urges EU Commission to prioritise workers’ rights and social dialogue

Ahead of the new European Commission mandate, UNI Europa Finance sent a policy recommendation letter to the institution, emphasising the importance of prioritising workers’ rights and social dialogue in preparing future pieces of legislation and reviews for the sector.

The letter highlights several key areas of concern, including the need for thorough impact assessments and proportionality in new legislative proposals, such as the Open Finance initiative and the Insurance Recovery and Resolution Directive (IRRD). UNI Europa Finance urges DG FISMA to avoid excessive and overlapping legislation, noting that 33 new pieces of legislation affecting the finance sector came into force in 2023 alone.

The letter also emphasises the importance of strengthened sectoral social dialogues, particularly in the finance sector, and calls for the protection of workers’ rights in the face of increasing use of artificial intelligence. Additionally, UNI Europa Finance urges the Commission to support joint agreements between employers and trade unions to address working conditions more effectively, and to consider how workers can be included in the implementation of AI systems.

Furthermore, the letter highlights the need for the revision of the Sustainable Finance Disclosure Regulation (SFDR) to align with other relevant legislative acts, and the importance of ensuring that financial consumers have access to high-quality advice as part of the Capital Markets Union (CMU) initiative. UNI Europa Finance also suggests the creation of an ‘EU-made’ certification for financial products to help consumers distinguish between EU and non-EU originating products. Finally, the letter addresses the regulation of occupational pensions, the threat of cybercrime, and the proposed EU Deposit Insurance Scheme (EDIS) and Bank Crisis Management and Deposit Insurance (CMDI) framework.

Read the full letter below.

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