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Latest news from FSU-Norway.

November 2017

Input to the Financial Market Report for 2018

FSU-NO have given input to the Ministry of Finance concerning the Financial Market Report for 2018.

The Norwegian Government and Parliament has over several years worked on formulating an own industrial policy for the Norwegian financial sector. FSU-NO has been heavily involved in this work since the very beginning back in 2015.

FSU-NO has therefore proposed the following themes for Ministry of Finance and the Financial Market Report for 2018:

  • Green finance
  • Knowledge and research
  • Financial technology, business development and innovation

Latest development in financial technology

As in all the Nordic countries, traditional players in the industry has been challenged by new tech companies that applies new business models integrating artificial intelligence, blockchain, advancing the use of PSD-2 and open source coding. The traditional banking industry itself must show a high rate of innovation if it is to keep up with the increased competition.

In Norway, the mobile payment application Vipps is a good example of innovation where several banks have joined forces and increasing competitiveness (Nordea and Danske Bank has become partner banks in October 2017). A new merger was announced on November 17 where Vipps, BankAccept and BankID have joined forces to meet the new international competition on payment services.

For FSU-NO, it will continue to be important that Norwegian and Nordic financial industry find common ground in several projects, in order not to lose competition against major global actors. It is important that national authorities, through a clear industrial policy for the sector, signal the expectations they have for the established financial industry in this area. Potentially, lack of innovation power will cause the industry to cut costs to maintain productivity levels. It will have major negative consequences for employment, especially for smaller financial institutions based in regional districts especially in our Nordic region.

Latest developments on green finance

FSU-NO continues its important work on green finance and will contribute to a roadmap for how the Norwegian finance sector can contribute. This roadmap is expected in 2018 and is a prolongment of the work the Commission for Green Competitiveness did for the Norwegian Government in 2016.

FSU-NO will continue to give input on the most important aspects for us such as information and knowledge employees must have on sustainable products in line with our adopted policy.

Climate risk exposure will be one of the main challenges for Norwegian banks and insurance institutions in the years to come. We need to assist our members meeting this challenge.

It is also interesting to note that Norges Bank has recommended the removal of oil and gas stocks from the GPFG’s benchmark index. The advice is based exclusively on financial arguments and analyses of the government’s total oil and gas exposure and does not reflect any particular view of future movements in oil and gas prices or the profitability or sustainability of the oil and gas sector.

Equality in the finance sector

Please find our extensive article from FinansFokus on Norwegian financial institutions reporting on equality between female and male employees.

The finance sector does not have the best track record on equal pay. After the main settlement in 2016 a payroll committee with representatives both from Finance Norway and FSU-NO was constituted to assess the equal pay situation in the Norwegian finance sector. Their findings and recommendations will soon be presented.

We are also carrying out a special seminar on equality for our shop stewards on November 21.

Welcome, New Members!

Our latest campaign to recruit new members came out really good this fall with 527 new members. Compared to last year’s campaign, this is an increase of 20 percent. The average age was 35 years old (men) and 34 (women).