Global regulators to step up scrutiny of risks outside banking system
January 8, 2023
Global regulators are set to sharpen their scrutiny of hedge funds, clearing houses and pension assets this year after a run of crises has shifted watchdogs’ focus towards risks outside the banking system. The disparate group, loosely defined as “non-bank financial institutions” by regulators, has been thrust into the spotlight after a series of market ructions over the past two years. “It’s different now,” Andrew Bailey, governor of the Bank of England, told reporters in mid-December as he spoke of the “urgent” need to escalate global policymakers’ long-running studies and recommendations on non-bank financials into swift global action.
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