Unite calls for urgent action to shore up financial services sector
16 September 2008
Unite, the UK’s largest trade union with thousands of members
working in the financial services sector, has today (Tuesday 16th
September) called for intervention to restore confidence in the
industry to protect its long-term stability.
In a week that the global financial markets continue to plunge,
Unite wants an immediate assessment of the weaknesses and risks in
the sector. The lack of trust in the sector is directly impacting
workers in the industry as companies make thousands of job cuts to
make short-term cost savings.
Graham Goddard, Unite Deputy General Secretary said: “This
global financial crisis has sent shock-waves across the industry.
It is apparent that the free market system has completely broken
down. Confidence in the financial services sector has been
shattered.
“Unite wants to see a stronger regulatory system in the
financial services industry. It is now very apparent that the
sector can not simply be allowed to continue to regulate itself.
The corporate greed of large institutions has finally brought the
financial markets to its knees. The major job losses in the sector
are fundamentally caused by precarious investments and transactions
by bankers pursuing large rewards. Unite wants to see greater
penalties for institutions that play games with the future of their
staff through dangerous exposure and investments.
“Those working in the sector must not pay the price for
corporate greed. The government can not sit back and watch the
sector lurch from one crisis to another.”
The position whereby big bankers take risks at the expense of
the value of workers pensions and jobs can simply not be ignored.
Without a more transparent regulatory structure the financial
services sector will never restore the confidence which is so
crucial for its future.
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For more information contact: Saba Mozakka, Unite Press
Office on: 020 7420 8916 or 07768 693 953.
