Commenting on the news that Barclays has been fined £290m by financial regulators for attempting to rig interest rates in its favour^[1], John Biggs AM, Chair of the Budget and Performance Committee said:

“The trouble that Barclays finds itself in underlines exactly why Transport for London needs clear, consistent and transparent rules about who gets to associate their brand with London’s transport network – and what the options are if things go wrong.

“Four months ago this committee warned that TfL seems to take an ad hoc approach to signing up sponsors and highlighted the risks of a major sponsor suffering serious reputational damage.

“This is exactly the position TfL now finds itself in and I urge them to tighten up their sponsorship rules – as we have asked them to do - sooner rather than later.”

The Committee published a report^[2] on how TfL agrees sponsorship deals in February 2012.

Notes for Editors:

1. BBC: Barclays fined for attempting to manipulate Libor rates
2. Read the report, Whose brand is it anyway? An examination of TfL’s sponsorship policy
3. The Chair of the Budget and Performance Committee, John Biggs AM, is available for interview.  See contact details below.
4. As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.

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