Critics slam private equity regulation plans
Unions say Walker Report code is like a 'chocolate fireguard'
Policymakers and unions have criticised the private equity’s plans to
regulate itself as Sir David Walker unveiled his report
on how the industry could become more transparent and accountable.
The former chairman of Morgan Stanley was appointed by the industry to
develop a package of measures to improve the conduct and disclosure of private
equity, but politicians and unions have already criticised his proposals.
Chairman of the Treasury select committee, John McFall, said he had been told
by industry insiders that the code was a ‘damp squib’, the FT reports.
‘Where’s the beef?’ McFall asked.
Unions, who have led a virulent campaign against the industry, said the code
proposed by Walker was inadequate.
‘This answers none of our questions. It is about as much use as a chocolate
fireguard,’ said Paul Maloney, from the GMB union.