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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.”



FSSC calls on IFAs for RDR consultation

The Financial Services Skills Council has launched of an intensive consultation period on the impending investment qualifications as it sets dates for its UK RDR roadshow.

Platforms push for FSA clarity

Providers are urging the FSA to speed up the delivery of its platform paper so it arrives in time to inform their response to the retail distribution review.

Is three a crowd?

The pension versus Isa debate has raged on and off for years. Les Cameron, head of technical at Prudential, asks if three’s a crowd.   I think the debate was arguably settled by pensions freedom when the biggest downside of pensions – limited access and poor death benefits – was fundamentally changed. Total access, albeit with […]


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