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.

Further reading:

Private equity reporting load to increase

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