G20 watchdog urges governments to address non-bank financial risks

ZURICH, Dec 18 (Reuters) - The Financial Stability Board (FSB) on Wednesday pitched recommendations for governments to reduce risks around hedge funds, insurers and other non-bank financial intermediaries, which now account for almost half of global financial assets. The sector of non-bank financial intermediation has grown by around 130% between 2009 and 2023, making markets more vulnerable for stress events, according to the Basel-based FSB, which acts as the G20's financial risk watchdog. "This growth comes with an increase in complexity and interconnectedness in the financial system, which, if not...