The Financial Services Authority (FSA) chairman, Adair Turner, has been appointed chairman of the Financial Stability Board's Standing Committee for Supervisory and Regulatory Co-operation.
The Financial Stability Board (FSB) was re-established in April 2009 as the successor to the Financial Stability Forum (FSF). It brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
Lord Turner said:
"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."
The Standing Committee for Supervisory and Regulatory Co-operation will address coordination issues that arise among supervisors and regulators. It will also help with contingency planning for cross-border crisis management at major financial institutions and advise on crisis management issues more broadly.
Background
- Adair Turner was appointed FSA Chairman in September 2008. He has combined careers in business, public policy and academia.
- In January 2008 he was appointed Chair of the Climate Change Committee, and he is also Chair of the Overseas Development Institute. He is a Visiting Professor at the London School of Economics and at Cass Business School, City University.
- Financial Stability Board's press release.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
