The world's biggest banks will be forced to simplify their legal structures – potentially increasing their tax bills – as a consequence of a global regulatory drive to pre-plan for failure, according to the head of the UK's chief financial regulator.
In an interview with the FT, Lord Turner, chairman of the Financial Services Authority, backed the drive to force the big, systemically important banks to draw up “living wills”, wind-down plans in the event they fail. He said this would have the benefit of unravelling bank's structural complexity.
“Living wills will be a forcing device for the clarification and simplification of legal structures,” he said.
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