Unite reaction to Turner report on reform of FSA
18th March 2009
Rob MacGregor, Unite national officer, said: “Another review
with more rhetoric than substance will do nothing to reassure
consumers or staff in the financial services industry. Action is
well overdue by those who oversee the UK’s financial services
sector in order to overhaul the flawed sector and bring back
trust.
“There is no question that the current regulatory framework is
not fit for purpose, yet Lord Turner’s latest report leaves
unresolved key issues that the industry must address. The time is
right for the government and Financial Services Authority to be
brave enough to set out a new radical regulatory framework which
moves away from a narrow national approach.
“Unite will shortly launch an independent report which outlines
the urgent changes that are necessary to ensure that the financial
turmoil which has gripped the world and brought insecurity to staff
in the UK can not be allowed to happen again. It is vital that we
now see regulatory reform which ensures the governance of financial
markets is able to address the root causes of the crisis.”
ENDS
For further information contact Saba Mozakka, Unite press office
on: 07768 693 953 or 020 7420 8916
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