FSA's Turner moots role for ring-fencing

Adair Turner, the chairman of the Financial Services Authority, Britain’s financial regulator, on Tuesday indicated that cross-border banks may have to ring-fence their overseas operations to ensure that the responsibility for failure does not fall on one country.

Speaking at the British Bankers' Association's Annual Conference in the City of London, Turner said he was aware that making global banks essentially holding companies of stand-alone national banks would work against globalisation

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