The Financial Stability Board (FSB) has appointed Randal K. Quarles, former FSB chair and former vice chairman for supervision of the US Federal Reserve Board, to lead a high-level group.

The group was established at the request of the South African G20 Presidency to review how the FSB monitors implementation of the G20 reforms. Monitoring G20 financial reform implementation is a core responsibility in the FSB’s charter.

With key reforms developed or nearing completion, the FSB is placing greater focus on promoting and monitoring implementation. The strategic review will assess the effectiveness of the monitoring of post-global financial crisis regulatory reforms and identify areas where the FSB can make improvements in the tools it uses to encourage the consistent, global implementation of agreed reforms.

“Developing policies is not enough. A stable global financial system also requires consistent policy implementation,” said FSB chair Klaas Knot. “With his exceptional experience in the financial sector and deep understanding of international policymaking, Randy is uniquely qualified to lead this strategic review.”

“I am honoured to assume the role of chair for this important group," said Quarles. "At a time when thoughtful international regulatory engagement is essential, I look forward to leading a balanced and independent review—one that advances practical reforms and encourages their collegial and effective implementation.”

The group will deliver an interim report to the G20 in October, which will include a review of the history of reform implementation. Its final report, expected in 2026, will assess the FSB’s implementation monitoring tools and processes to date and provide any recommendations to fulfil the G20’s request.

Redisseminated by The Asian Banker