News

The Transport and General Workers' Union has made public a submission to the UK’s Financial Services Authority (FSA). In it, the union reacts to the agency’s discussion paper on private equity risks and regulation.



Tony Woodley, T&G general secretary, demands accountability in private equity deals.



"When private equity firms assume the same economic role as publicly-quoted firms, it is reasonable to expect that they should be subject to similar levels of disclosure and regulation in the requirement to consult and negotiate," he writes.



The T&G has 25,000 members directly or indirectly involved Sainsbury's, the UK retailer that has been the subject of intensive private equity takeover speculation in recent weeks. Thousands more of the union’s members are in other companies affected by private equity deals.



For news release and full text of T&G letter to the Financial Services Authority (FSA):

http://www.tgwu.org.uk/Templates/System/Other.asp?NodeID=93218