Unite Reaction to Turner Report on Reform of FSA

LONDON - 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.”

Source: Unite the Union

For further information contact Saba Mozakka, Unite press office on: +44(0)7768-693-953 or +44(0)20-7420-8916.