ICB final report - Summary
13 September 2011
Unite has expressed disappointment at the outcome of the ICB
final report. The glaring omissions including a failure to
recommend changes to the culture or behaviour that encourages greed
which permeates the industry or to introduce any meaningful changes
to the remuneration and reward systems that led to mis-selling, is
a lost opportunity for a new order of socially useful and ethically
robust banks.
Unite will not be slow to criticise the weakness of the
proposals or the delays in implementing the recommendations which
allow time for the media circus to move on and the banks to get
back to business as usual.
We must be vigilant of additional costs creeping in affecting
customers through increased charges and in terms of reductions in
jobs as the banks seek to claw back the additional costs they will
incur as a result of creating the firewall between retail and
investment banking.
With 150,000 jobs already lost in the sector since the crisis
began in 2007 and an increase in the intensity and pace of work, as
well as criticism of the level of customer service as a result of
the target based sales culture, we may well see workplace stress
and complaints to the Banking Ombudsman increase further due to
cost related cuts.
