Unite reaction to Turner report on reform of FSA
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 over-due 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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