FSB sets 2026 agenda for financial stability and innovation

The Financial Stability Board (FSB) has published its 2026 work programme, outlining priorities to foster global financial stability. The agenda focuses on challenges from digitalisation, the non-bank financial sector, and regulatory modernization.

Navigating digital shifts and non-bank growth

The Financial Stability Board (FSB) has outlined its 2026 work programme, prioritising global financial stability amidst key challenges such as digitalisation, the expanding non-bank financial intermediation (NBFI) sector, and the need for regulatory modernisation.

The FSB will continue its semi-annual vulnerability assessments, completing a report on private credit and exploring new work on foreign exchange derivative markets or private finance.

In the NBFI sector, efforts will focus on improving vulnerability assessment methodologies and addressing data gaps, including follow-up on recommendations for Money Market Funds (MMFs) and Open-Ended Funds (OEFs), as well as work on non-bank leverage and OTC derivatives.

Regarding digital innovation, the FSB will monitor crypto-asset developments, specifically examining vulnerabilities in multi-jurisdictional stablecoins and organising supervisory discussions.

Additionally, the FSB will develop sound practices for AI adoption by financial institutions, in close coordination with standard-setting bodies, and enhance financial sector-wide operational resilience through public-private collaboration.

Modernizing oversight and cross-border flows

The FSB will conduct a stocktake of member initiatives on regulatory and supervisory modernisation, aiming for well-aligned global outcomes.

This includes supervisory workshops and annual updates on G-SIBs and insurance.

For cross-border payments, the FSB will continue coordinating the G20 Roadmap, promoting voluntary action plans by jurisdictions to achieve its goals.

Planning for a 2027 review of policy recommendation implementation on data frameworks and bank/non-bank supervision will begin in late 2026. In crisis preparedness, the FSB will conduct a thematic peer review of public sector backstop funding mechanisms and support authorities in operationalising cross-border bail-in strategies.

A strategic review of its crisis preparedness activities will also be carried out.

Implementation monitoring will continue through thematic and country peer reviews, including for China and Türkiye, and a phase two review will assess patterns for non-implementation of FSB recommendations.