Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Workers call for a watchdog role in finance sector

For immediate release - 4 November 2008

Workers call for a watchdog role in finance sector regulation

Finance workers should have a direct watchdog role and be the eyes and ears of any new regulation developed to govern the industry, say their union Finsec.

Finsec also says the government should seek direct feedback from staff on the implementation of commitments reached with local banks on their handling of customers affected by the global economic downturn in exchange for the underwriting of their wholesale borrowing.

The global trade union for finance workers, UNI, of which Finsec is an affiliate, has today called on world leaders to create a role for finance workers in monitoring and reporting on the implementation of any new regulation to deal with the current financial crisis.

“Finance workers are uniquely placed to play a regulatory watchdog role. Workers on the ground are in the best position to know if regulatory agreements are being implemented properly and most importantly they are in the best position to report on rules being breached,” said Finsec Campaigns Director Andrew Campbell.

“Bank staff in New Zealand can play a role in monitoring the implementation of the agreements reached between the government and the major banks on how customers facing mortgage repayment problems are dealt with,” said Campbell.

“It is great that the banks have said they will help customers facing problems. However most banks have also recently increased targets for staff that encourage them to get customers into more debt, so it really is just an ambulance at the bottom of the cliff,” said Campbell.

“Any new financial regulation or agreements need strong oversight and transparency to be credible. Finance workers are in a unique position to provide input into oversight and keep the banks honest,” said Campbell.

“The old regulatory systems are no longer relevant. It is time to put the public back into the regulatory equation. Finance staff can play an important role in monitoring a better and fairer finance industry for everyone,” said Campbell.

Please find the UNI media statement and overview of their proposals for a workers’ role in finance industry regulation attached.

ENDS

UNI_Global_Union_PRESS_RELEASEE.pdf

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Back Again: Government Approves TPP11 Mandate

The Government has approved a negotiating mandate for Trans-Pacific Partnership 11 (TPP11), which will ensure New Zealand businesses remain competitive in overseas markets.

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

.

 
 

Gordon Campbell: On Why Labour Isn’t Responsible For Barnaby Joyce

As a desperate Turnbull government tries to treat the Barnaby Joyce affair as a Pauline Hanson fever dream – blame it on the foreigners! We’re the victims of the dastardly New Zealand Labour Party! – our own government has chosen to further that narrative, and make itself an accomplice. More>>

ALSO:

Rail: Greens Back Tauranga – Hamilton – Auckland Service

The Green Party today announced that it will trial a passenger rail service between Auckland, Hamilton and Tauranga starting in 2019, when it is in government. More>>

ALSO:

Housing: Voluntary Rental Warrant Of Fitness For Wellington

Wellington City Council is partnering with the University of Otago, Wellington, to launch a voluntary Rental Warrant of Fitness for minimum housing standards in Wellington, Mayor Justin Lester has announced. More>>

ALSO:

Treaty: Agreement In Principle Signed With Moriori

“The Crown acknowledges Moriori was left virtually landless from 1870, hindering its cultural, social and economic development. The Crown also acknowledges its contribution to the myths that the people of Moriori were racially inferior and became extinct." More>>

ALSO:

Susan Devoy: Call For Inquiry Into State Abuse Reaches UN

Race Relations Commissioner Dame Susan Devoy is in Geneva and has asked a United Nations committee to urge the New Zealand government to initiate an inquiry into the physical and sexual abuse of children and disabled people held in state institutions. More>>

ALSO:

(Not National): Cross-Party Agreement On Pike River Re-Entry

The commitment was signed this afternoon by the leaders of Labour, United Future, The Maori Party, and the Green Party and, together with the earlier commitment by New Zealand First, means that there is now a Parliamentary majority behind the families’ fight for truth and justice. More>>

ALSO:

Earlier:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election