The Unite union's national officer Dave Fleming comments on the government's decision to implement the findings of the Vickers report on banking reform in full:
"The Vickers report has a fundamental flaw in its failure to recognise the effect that the financial crisis has had on the workforce within the banks – thousands have lost their jobs.
"The chancellor must take action to ensure that the workers in the banks are given a voice at a strategic level, through their trade union. Without this, the banks will fail to rebuild reputations and create stability which is so vital.
"Unite is arguing that the system of pay be reformed to protect against an economic crisis from taking place again.
"In order to re-build confidence in the financial services sector, it is vital that management engage with stakeholders who feel that they have been let down by the banks.
"This must include the workforce, customers and taxpayers. By ignoring the reward packages which link pay and performance, and the majority linked to sales targets, the Commission has failed to recognise the harm done by such incentivised based pay structures."