Global regulators will turn their attention to the lightly supervised shadow banking market, according to Lord Turner, chairman of the UK’s Financial Services Authority and one of the world’s leading voices on regulation.
In an interview with the Financial Times, Lord Turner said it had been one of the “fundamental failures” of the world’s regulators not to think in systemic terms about the role that shadow banks – such as money market funds and non-bank investment vehicles – had played in the run-up to the financial crisis.
Last week, G20 leaders endorsed tougher Basel III capital and liquidity rules for banks.
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