Lord Turner to chair financial stability committee

30 June 2009

The FSB was re-established in April as a replacement to the Financial Stability Forum.

The FSB brings together national authorities responsible for financial stability, international financial institutions, world regulators, supervisors, and central bank experts.

The committee will work to ensure that supervisors and regulators co-ordinate between themselves, will contribute to plans tackling cross-border crisis management and crisis management overall.

Lord Turner, chairman of the Financial Services Authority, says: “The global nature of the financial crisis and the fact that so many banking groups operate across national borders make international co-operation a vital part of reforming regulation.

“We will work hard on this committee to define the regulations and supervisory approaches needed to address these global risks and identify priorities for regulatory policy needed to tackle them.”

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