Darling's Mansion House speech: Unite calls for a fundamental
overhaul of financial services regulation
17 June 2009
Ahead of Alistair Darling's Mansion house speech, Unite,
Britain's biggest union, is calling on the government to look
beyond the boardroom and deliver a fundamental overhaul of the
system that regulates UK financial institutions.
Unite's joint general secretary, Derek Simpson said; "The
current framework of light touch regulation on financial
institutions has led the world economy into the economic abyss. You
only have to look at the latest unemployment figures, the highest
in 12 years, to see what the bankers have done to our economy.
Tinkering with the regulatory system is not an option, there needs
to be radical reform."
"Working people in the UK are justifiably angry about the
behaviour of bank bosses, for causing the crisis and for slashing
jobs in banks as a result of it. It's time for the banks
which are under public control to have union representation on the
board as well as union representation on the UKFI. Narrow boardroom
oversight failed, society needs effective representation on the
board."
ENDS
Contact: Ciaran Naidoo on 07768 931 315
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