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19 February 2019 Insurance

Stricter EU rules drive ‘rise in workloads and stress’ for insurance staff

Insurers and unions warn of a “substantial rise in insurance employees’ workloads and stress” as a result of stricter European Union financial rules, brought in after the 2008 crisis.

In a joint statement, members of the Insurance Sectoral Social Dialogue Committee (ISSDC) said the regulatory overhaul had been “much needed and well-intended”.

But they added: “The financial sector legislation was developed and implemented in silos, without taking into account the combined effects of the new legislation and the existing legislation, which has resulted in numerous duplicative requirements and an overload of information for customers.”

ISSDC members criticised the “short deadlines for implementation” and called for more time for employees to “assimilate the latest changes in legislation” as they are complex and require staff to be properly trained.

The joint statement also emphasised the problems the regime creates for customers. It said that the disclosure of extensive and technical information to customers “is counterproductive”, hampering and confusing them when they need to take decisions, and potentially creating “dissatisfied customers”.

Signatories also highlighted the disproportionate burden “constant regulatory changes” cause for small and medium-sized entities, and said the effects of the post-crisis legislative reforms “show that the perspective of financial sector employers and employees is missing from the EU legislative process”.

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