Unite reaction to financial regulation white paper

8 July 2009

Rob MacGregor, Unite national officer said: "Unite welcomes the government 's acknowledgement that the financial regime must be changed fundamentally in order to bring stability to the banking sector and ensure it can never again undermine the UK economy.

"This White Paper presents a number of bold and radical plans to prevent further crises in the financial industry, though it remains a fact that thousands of finance workers are every month paying the price for the corporate greed, excess and recklessness of the City as they lose their jobs and pensions.

Unite is calling for the government to ensure public interest representation on the boards of all large financial institutions and at all levels of the regulatory structure of the finance sector.

Rob Macgregor continued: "Without public interest representation we will simply maintain the risky business models and poor supervision of the past which lack the transparency that is essential and which the government is apparently now demanding. It is right that there is a more interventionist approach to regulation of this sector, specifically in the rules which determine the remuneration structures of these complex institutions.

"However, any suggestion from the Chancellor that the taxpayer supported institutions may be returned to the private sector with no priority given to the impact on workers and their families would be a step in the wrong direction.

"Unless it protects and supports hardworking and dedicated workers in this sector the UK will never achieve financial stability."

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