The Bank of England called for 'urgent international action' from regulators after it was forced to rescue U.K. pension funds in September.
The Bank emphasized the need for regulators across jurisdictions to strengthen the resilience of the sector, saying "there is a need for urgent international action to reduce risks in non-bank finance."
The central bank said it will begin an "exploratory scenario exercise" focused on non-bank financial institutions in order to better understand and mitigate the associated risks. "The resilience of this sector needs to be improved in a number of ways to make it more robust," the Bank concluded. "This includes the need for regulatory action to ensure LDI funds keep their higher levels of resilience. Some steps have already been taken, and further work will be done next year."
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