UNI Europa Finance and the European Savings and Retail Banking Group (ESBG) have published a joint statement outlining three pillars which existing and upcoming financial regulation should take into account.

The statement calls for diversity in the banking sector to be preserved, in order to ensure proper access for different customers to financial services suiting their needs. It furthermore outlines the need for the restrictions in the Basel III framework to be loosened with regards to smaller banks, as they are suffering under the extra requirements brought on by the current model.

Finally, the statement also calls for financial advice to continue to be affordable and personal regardless of developments in digitalisation, as employees in local banks continue to be the best situated to judge each customer’s needs and possibilities.

Read the full statement on UNI’s website here.