FSB Appoints Three Chairs to Key Committees

The Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, has appointed the chairs of two of its Standing Committees and the Resolution Steering Group.

According to the press release, Andrew Bailey, Governor, Bank of England, has been appointed as Chair of the Standing Committee on Supervisory and Regulatory Cooperation (SRC), as from 19 October 2021.

The SRC addresses key financial stability risks through the development of supervisory and regulatory policies and coordinates issues that arise among supervisors and regulators to ensure effective consideration of cross-sector and international implications.

Fahad Almubarak, Governor, Saudi Central Bank, has been appointed as Chair of the Standing Committee on Standards Implementation (SCSI), as from 19 October 2021. The SCSI undertakes FSB peer reviews of its members, encourages global adherence to international financial standards and reports on members’ progress in implementing these standards and other agreed G20 and FSB commitments.

Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation, has been appointed as Chair of the Resolution Steering Group (ReSG), as from 1 November 2021. The ReSG leads the FSB’s work on resolution regimes, resolution planning and resolvability assessments for all sectors.

Last year, the FSB has published the Global Monitoring Report on Non-Bank Financial Intermediation 2020​. The report covering data from 29 jurisdictions presents the results of the FSB's annual monitoring exercise to assess global trends and risks in non-bank financial intermediation (NBFI).