Financial Stability Board (FSB) News

New Global Standard Setter for Corporate Sustainability Drafts 1st Guidelines

A new global standard setter for company sustainability reporting set out its first draft guidelines on Thursday [March 31], entering a crowded field as trillions of dollars pour into investments marketed as “green.” The International Sustainability Standards Board (ISSB) published …

Crypto Market Risks Should Be Priority for Global Regulators: Financial Stability Board

Risks from the $2.6 trillion crypto market could grow quickly and regulators need pre-prepared measures to bring the sector to heel, the Financial Stability Board (FSB), a risk monitoring watchdog for the G20 economies, said on Wednesday. While cryptoassets like …

Corporate Climate Risk Disclosures Still Falling Short, Regulators Say

Around half of companies assessed have begun to apply globally agreed climate-related disclosure standards for helping investors to pick firms committed to sustainability, regulators said on Thursday. A task force set up by the Financial Stability Board – which groups …

Remote Working Causes Cyber Attacks to Skyrocket, Says Financial Stability Board

Financial firms may need to bolster their defenses in the face of rocketing cyber attacks after employees began working from home, the Financial Stability Board (FSB) said on Tuesday. The FSB, which coordinates financial rules for the G20 group of …

Global Financial Regulators Seek Coordinated Response to Climate Change Risk

The world’s top financial regulators want to coordinate efforts to prepare for potential risks from climate change as authorities still lack common standards for assessing what could be one of the biggest threats facing banks and insurers. The Financial Stability …

Japanese Insurers Struggle with Climate Change Cost Estimates

TOKYO – As the world tries to price the cost of climate change, Japan’s second largest non-life insurer MS&AD foresees the potential rise in claim payments in 2050 to be anywhere between 5% to 50% from current levels. Sompo Holdings, …

Explaining Climate Change and Financial Disclosure for Insurers

TOKYO – Japanese financial institutions are struggling to put a price tag on the cost of climate change, an effort made difficult by the long timeframe and a lack of data for making credible predictions. Non-life insurer MS&AD, for one, …

G20 Companies to Face Common Disclosure Requirements for Climate Risks

LONDON – G20 companies will face common disclosure requirements on climate change risks under plans by the Financial Stability Board, which coordinates financial rules for the group. In the latest sign of how policymakers want faster action to replace the …

For First Time, Federal Reserve Cites Climate as Financial Stability Risk

The U.S. Federal Reserve for the first time called out climate change among risks enumerated in its biannual financial stability report, and warned about the potential for abrupt changes in asset values in response to a warming planet. “Acute hazards, …

Inconsistent Data Hinders Climate Risk Comparisons for Insurers, Banks: Regulator

Comparing how banks and insurers from different countries cope with climate change is being hampered by a lack of consistent data, the Financial Stability Board said on Wednesday. Regulators are asking financial firms to gauge “physical” and “transition” risks from …