On 1 November 2021, the Financial Stability Board (FSB) published its progress report, ‘Enhancing the Resilience of Non-Bank Financial Intermediation’, which was delivered to G20 Leaders ahead of their Summit last weekend.

This report details the progress over the past year and the planned work set out by the FSB alongside, standard-setting bodies and other international organisations, to enhance the resilience of non-bank financial intermediation (NBFI). The FSB’s NBFI work programme includes analytical and policy work that builds on the lessons from the March 2020 market turmoil. The main focus has been on assessing and addressing vulnerabilities in specific areas that may have contributed to the build-up of liquidity imbalances and their amplification.

This includes:

Building on these findings, the FSB’s work going forward aims to develop a systemic approach to NBFI. The report also provides a summary of the FSB’s work programme on NBFI for 2022 and beyond.