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Turner backs calls for banks to have “living wills”

FSA chairman Lord Turner has backed international efforts to force the biggest banks to draw up “living wills”.

In June Bank of England governor Mervyn King called for banks to plan for their own demise to allow the authorities to implement an orderly wind down of business in the event of a future collapse.

In an interview with the Financial Times, Turner said this would push banks to simplify their legal structures, potentially increasing their tax bill.

He said: “Living wills will be a forcing device for the clarification and simplification of legal structures.

“In the past, authorities around the world have tended to be tolerant of the proliferation of complex legal structures designed to maximise regulatory and tax arbitrage. Now we may have to demand clarity of legal structure.”

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