FSB installs Andrew Bailey as SRC chair 19 October 2021Switzerland Reporter: Bob Currie
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The Financial Stability Board (FSB) has appointed Bank of England governor Andrew Bailey as chair of its Standing Committee on Supervisory and Regulatory Cooperation (SRC).
He replaces Himino Ryozo, former commissioner of the Japan Financial Services Agency.
The SRC addresses key risks to financial stability by developing supervisory and regulatory policies and encouraging cooperation between financial supervisors to ensure that international and cross-sector challenges are addressed effectively in FSB activities.
Fahad Almubarak, governor of the Saudi central bank, will take over as chair of the FSB Standing Committee on Standards Implementation (SCSI), replacing outgoing chair Lesetja Kganyago, governor of the South African Reserve Bank.
The SCSI encourages worldwide adherence to international financial standards, it conducts peer reviews of member activities and reports on members’ progress in adopting these standards and other FSB and G20 obligations.
Jelena McWilliams, chair of the Federal Deposit Insurance Corporation (FDIC), has been appointed as chair of the FSB Resolution Steering Group, effective from 1 November 2021. The ReSG coordinates the FSB’s activities on resolution regimes, resolution planning and resolvability assessments across all sectors of its business.
The ReSG was established in 2010 by G20 leaders to deliver tools and frameworks to help mitigate the disruption caused by the failure of financial institutions and to reduce moral hazard in the future.
The Bailey and Almubarak appointments are effective immediately.
Each appointment is for a two-year period, which may be renewed once. All three outgoing chairs had come to the end of their permitted terms.
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