The chairman of the United Kingdom’s Financial Services Authority says he is considering levying a tax on banks to prevent the payout of excessive bonuses, according to the BBC. FSA Chairman Lord Turner said in an interview that, though taxation is not within his domain, the financial services industry has “grown beyond a socially reasonable size.” The FSA has recently released updated guidelines on bonuses, regulations that many agree are far too lenient. “I think this illustrates Lord Turner’s frustration at the ‘back to business as usual’ mode of the financial services industry,” said a colleague of Turner’s.
UK Regulator Backs Tax to Curb Bonuses
UK’s FSA chairman has said that the country should impose a tax against banks to curb excess bonus payments.
August 27, 2009