On 20 November 2025, the Financial Stability Board (FSB) published a letter from its Chair to G20 leaders ahead of their summit on 22-23 November 2025.

In his letter FSB Chair, Andrew Bailey, refers to the challenging economic outlook, noting that the FSB is operating in a “world of considerable challenge”, and calls on global efforts to modernise and strengthen financial regulation without compromising financial stability. He also reaffirms the FSB’s commitment to support G20 member countries in these efforts.

The letter highlights:

• Non-bank financial intermediation: The FSB has seen the growth of private assets (i.e. private equity and private credit) in the non-bank part of the financial system. The FSB notes that private assets can provide many benefits but their opacity, scale and linkages with the rest of the financial system means that the FSB will be conducting surveillance work in the year ahead.
• Cross-border payments: The FSB notes that whilst there has been progress in developing international policies and tools the current trajectory of change will not deliver the improvements that G20 members have targeted. In some areas more can be done to improve payments infrastructures and policies but critical issues remain in national policies, such as capital controls and related processes.
• Digital assets: Divergences in the regulatory and prudential frameworks for stablecoins across jurisdictions could add an additional layer of complexity and potential risk. The FSB’s work programme for the year ahead will include a focus on stablecoins and other forms of payment.