There is increasing support for such a measure. In fact, Lord Turner, Chairman of the UK Financial Services Authority, went further and argued that should such a capital charge prove insufficient, there should be no hesitation in levying a tax on specific financial transactions.
The Turner proposal is based on the premise that regulation should ensure that the financial sector remains within its “socially useful” size. 24. Large, interconnected and complex institutions will be subject to additional regulatory obligations in other dimensions as well.