RoundTable discussion on future of banking an important first step

The general secretary of the Financial Services Union, John O’Connell, has expressed his concern that the ‘closure of bank branches has led to what was once a stable fabric of local communities disappearing overnight’.

The statement came after he praised an initiative by Finance Minister, Conor Murphy MLA to host a roundtable discussion on the future of banking in Northern Ireland.

The meeting was held recently in Belfast’s Pavilion at Stormont and included representatives of a wide range of stakeholders including UK Finance, consumer representatives, business representative groups and the Financial Services Union.

Commenting on the meeting which attracted officials from throughout the industry, John O’Connell, said: “This is an important initiative and one that the FSU have campaigned for over the last 12 months.

“I thank the Minister Conor Murphy MLA for facilitating the roundtable discussion and look forward to further constructive engagement with relevant stakeholders in the banking sector.

“The pace of change in the banking sector is rapid and is to an extent overwhelming for some.

“The closure of bank branches has led to what was once a stable fabric of local communities disappearing overnight.

“It will be a shame if the legacy of the pandemic was to leave us without a viable banking infrastructure.”

“The banks need to understand that involving its stakeholders and placing the needs of staff, customers, and society at the centre of its decision-making process can transform and increase trust levels in the sector.

“There needs to be a better balance between the interests of the shareholder and the interests of other stakeholders.”

The Financial Services Union is the leading Trade Union representing staff in the financial services, fintech and tech sectors.

They have membership in over 90 companies and are organised in the Republic of Ireland, Northern Ireland, and Great Britain with headquarters in Dublin and a presence in Belfast.

Offering help and guidance Mr O’Connell continued: “The FSU supports the Financial Conduct Authority Code of Governance and would advocate that the election of Worker and Consumer Directors to the Board of the main retail banks would add a different dimension to the decision-making process, would increase information flow and help to start to address the public’s lack of trust in our financial institutions.

“Change best comes about through constant social dialogue and workplace agreements.

“That is why the event is so important.

“All participants agreed that this can be a start of building a relationship between staff, customers, the banks, and Government which can only be of the benefit of wider society.”

Speaking following the event, Minister Conor Murphy MLA, highlighted the ‘importance of the banking sector to the economy’ addding ‘it provides employment for thousands of our citizens’.

He concluded: “The importance of the banking sector to the economy in the North cannot be overstated.

“It provides employment for thousands of our citizens, along with a range of supports and services for small business, farmers, and wider communities who rely on them.

“The roundtable is a welcome opportunity to engage with the banking industry, trade unions, business bodies as well as with community and voluntary organisations.

“As we move out of the pandemic, it is more important than ever before that all key players fully recognise the impact the changing nature of the industry has on local communities, businesses, and staff – and in particular the increasing shift toward digital banking.

“While my Department does not have any legislative authority in relation to banking, I remain committed to working with key stakeholders here and with the authorities in London to meet the needs of our staff, citizens and businesses - as we deal with the real issues facing us today and in the future.”

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