Financial Stability Board (FSB)
The Financial Stability Board is an international body that coordinates national financial authorities and international standard-setting bodies to promote global financial stability. The FSB says it brings together authorities from 24 countries and jurisdictions, international financial institutions, sector regulators and central bank committees, and reaches about 70 other jurisdictions through six Regional Consultative Groups. Its Plenary is the sole decision-making body and decides by consensus. It reports to the G20, to which it delivers monitoring reviews, peer reviews and policy work on topics such as stablecoins, nonbank finance, artificial intelligence and cross-border payments. The FSB was established in April 2009 as the successor to the Financial Stability Forum, and since January 2013 has been a not-for-profit association under Swiss law, seated in Basel and hosted by the Bank for International Settlements. Andrew Bailey, Governor of the Bank of England, chairs it.
Who leads it
- Chair: Andrew Bailey (Governor, Bank of England) (fsb.org)
- Secretary General: John Schindler (fsb.org)
- Chair, Standing Committee on Assessment of Vulnerabilities: Tiff Macklem (fsb.org)
- Chair, Standing Committee on Supervisory and Regulatory Cooperation: Michelle W. Bowman (fsb.org)
- Chair, Standing Committee on Standards Implementation: Ryozo Himino (fsb.org)
- Chair, Standing Committee on Budget and Resources: Martin Schlegel (fsb.org)
The UK and the FSB
The UK holds three seats on the FSB Plenary, filled by the Bank of England, HM Treasury and the Financial Conduct Authority, according to the FSB's members page. The FSB Chair, Andrew Bailey, is the Governor of the Bank of England. The June 2026 Plenary met in London.
Key figures
| Figure | Value | Source |
|---|---|---|
| Member jurisdictions (June 2026) | 24 countries and jurisdictions (the governance page describes the Plenary as 59 representatives from 25 jurisdictions) | FSB, read 23 October 2026 |
| UK seats on the Plenary (Current) | 3: Bank of England, HM Treasury and Financial Conduct Authority | FSB, read 23 October 2026 |
| International bodies on the Plenary (Current) | 13 seats listed, including the IMF, World Bank, BIS, OECD, ECB and Basel Committee | FSB, read 23 October 2026 |
| Regional Consultative Groups (June 2026) | Six groups reaching about 70 other jurisdictions | FSB, read 23 October 2026 |
| Secretariat staff (Current) | 40, most seconded from member authorities | FSB, read 23 October 2026 |
| Chair's term (Current) | Three years, renewable once | FSB, read 23 October 2026 |
| Legal form (Current) | Not-for-profit association under Swiss law since 28 January 2013; hosted by the BIS under a five-year renewable service agreement | FSB, read 23 October 2026 |
| Plenary meetings in 2026 (2025-2026) | 1 June 2026 in London; 18 to 19 November 2025 in Riyadh agreed the 2026 work programme | FSB, read 23 October 2026 |
| Deliverables to G20 finance ministers, October 2026 (October 2026) | Four reports including the G20 Implementation Monitoring Review 2026 and final sound practices for AI adoption | FSB, read 23 October 2026 |
What it decides
- The Plenary adopts FSB reports and standards, sets up committees and working groups, decides membership and approves the work programme and budget.
- The Plenary appoints the Chair, committee chairs, the Secretary General and the external auditor.
- The FSB approves its annual work programme, such as the 2026 programme agreed in Riyadh in November 2025 covering stablecoins, nonbank finance, cross-border payments and resolution.
- The Steering Committee provides operational guidance between Plenary meetings and coordinates the standing committees.
- The FSB monitors and peer reviews implementation of G20 and FSB reforms and reports to G20 finance ministers and central bank governors.
- The Plenary welcomed IAIS Holistic Framework assessments in place of an annual identification of global systemically important insurers (November 2025).
- The FSB publishes an annual list of insurers subject to resolution planning standards.
Timeline
- 1999: G7 ministers and governors endorse creating the Financial Stability Forum. (fsb.org)
- 2008: G20 leaders call for the Forum to enlarge its membership. (fsb.org)
- 2009: The FSB is established as the Forum's successor. (fsb.org)
- 2012-06-19: G20 leaders at Los Cabos endorse the restated and amended Charter. (fsb.org)
- 2013-01-28: The FSB becomes a not-for-profit association under Swiss law, seated in Basel. (fsb.org)
- 2025-11-18: The Plenary in Riyadh approves the 2026 work programme. (fsb.org)
- 2026-03-24: The FSB publishes its 2025 Annual Report. (fsb.org)
- 2026-06-01: The Plenary meets in London. (fsb.org)
How it is held to account
- The Plenary receives the external auditor's report on the financial statements, and appoints the external auditor (FSB governance pages).
- The FSB publishes an annual financial report and an annual report with a foreword by its Chair.
- A Standing Committee on Budget and Resources reviews the Secretariat's resource needs and budget for Plenary approval.
- It delivers reports to the G20 and, since 2015, annual reports on the implementation and effects of G20 financial regulatory reforms.
- A Standing Committee on Standards Implementation oversees implementation monitoring and peer reviews of member jurisdictions.
- The Chair's own letter in October 2025 acknowledged that full implementation of G20 and FSB reforms had not been completely achieved.
Records you can check
- Organisation and governancePlenary, Steering Committee, standing committees and Secretariat
- Members of the FSBSeats by jurisdiction and international body
- History of the FSBFrom the 1999 Forum to the 2013 legal status
- FSB 2025 Annual ReportPublished 24 March 2026, with a foreword by the Chair
- Chair's letter to G20 finance ministers, October 2026Reports delivered to the G20 in October 2026
- Plenary highlights, June 2026Vulnerabilities and decisions of the June 2026 Plenary
Common questions
What is the Financial Stability Board?
The FSB says it promotes international financial stability by coordinating national financial authorities and international standard-setting bodies. Its members include authorities from 24 countries and jurisdictions plus international financial institutions and regulators' groupings. It is hosted by the Bank for International Settlements in Basel.
Who chairs the Financial Stability Board?
Andrew Bailey, Governor of the Bank of England, is FSB Chair, according to the FSB. The Plenary appoints the Chair for a three-year term, renewable once. The Chair runs Plenary and Steering Committee meetings, is the main spokesperson and oversees the Secretariat, led by Secretary General John Schindler.
How does the FSB make decisions?
The FSB says it is member-driven and decides by consensus, with the Plenary as its sole decision-making body. The Plenary adopts reports and standards, decides membership and approves the work programme and budget. A Steering Committee guides operations between Plenary meetings, and four standing committees handle vulnerabilities, regulation, implementation and budget.
Is the FSB legally binding on banks?
The FSB's governance page describes it as a not-for-profit association under Swiss law that decides by consensus. It reports on implementation of G20 and FSB reforms, and in October 2025 its Chair said full, timely and consistent implementation had not been completely achieved. The pages reviewed do not describe binding powers.
What is the FSB's relationship with the G20?
The FSB delivers reports to G20 finance ministers and central bank governors, for example four reports ahead of the 15 October 2026 meeting, and has published annual reports on G20 reforms since 2015. The G20 endorsed the FSB's Charter in 2009 and its restated Charter in June 2012.
What role does the UK play at the FSB?
The UK has three seats on the Plenary, held by the Bank of England, HM Treasury and the Financial Conduct Authority, and the Bank's Governor Andrew Bailey chairs the FSB. The June 2026 Plenary was held in London. Other members include 23 jurisdictions and 13 international bodies.
When was the FSB created?
The FSB says it was established in April 2009 as the successor to the Financial Stability Forum, which G7 ministers endorsed in February 1999. G20 leaders endorsed its original Charter at the Pittsburgh Summit in 2009, and on 28 January 2013 it became a not-for-profit association under Swiss law.
Other bodies at level 9
- African Development Bank
- Asian Development Bank
- Asian Infrastructure Investment Bank
- Bank for International Settlements
- Basel Committee on Banking Supervision
- European Bank for Reconstruction and Development
- European Investment Bank
- International Monetary Fund
- Paris Club
- World Bank Group
Sources
- About the FSB, read 23 October 2026
- Organisation and governance, read 23 October 2026
- Members of the Financial Stability Board, read 23 October 2026
- History of the FSB, read 23 October 2026
- Governance policy area, read 23 October 2026
- FSB Plenary highlights potential new vulnerabilities, June 2026, read 23 October 2026
- FSB Plenary sets out 2026 work plan, November 2025, read 23 October 2026
- FSB Chair sets out FSB work on AI and stablecoins, October 2026, read 23 October 2026
- FSB publishes 2025 Annual Report, read 23 October 2026
- Incomplete reform implementation leaves financial system vulnerable, October 2025, read 23 October 2026