Turner urges City reform

David Hellier
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ADAIR Turner will tonight issue a call to arms to the City&rsquo;s business leaders, urging them not to miss the opportunity to reform the country&rsquo;s financial services sector following the recent banking crises.<br /><br />The chairman of the Financial Services Authority (FSA), who has faced criticism in the past few days after labelling the City as having got &ldquo;beyond a reasonable size&rdquo;, will be speaking at the Lord Mayor&rsquo;s banquet to a City audience for the first time since he made those remarks.<br /><br />Turner also enraged many in the City by suggesting at a roundtable discussion organised by Prospect magazine&nbsp; the possible introduction of a tax on financial transactions, a so-called Tobin tax.<br /><br />Boris Johnson, the Mayor of London, described Turner&rsquo;s ideas as &ldquo;crackers&rdquo; and CBI director general Richard Lambert said that the City&rsquo;s top regulator was asking the wrong questions.<br /><br />Turner will label those who think there is no urgent need for reform as out of touch. Friends say he is passionate about moving along the path of reform. &ldquo;He is desperate to set out a programme of reform to prevent a repeat of the extreme banking crisis that we have just experienced,&rdquo; one friend said.