The progress report on the Measures to reduce misconduct risk sets out details about the FSB-coordinated work to address misconduct in the financial industry, the need for which has been highlighted by cases in recent years. The progress report sets out the actions that the FSB and the international standard-setters are taking, with timelines, to tackle misconduct risks in the financial industry including:
- To support the role of incentives (including compensation, corporate governance frameworks and enforcement) in reducing misconduct.
- Ongoing work to address issues with benchmarks and develop a global foreign exchange (FX) code of conduct.
- Coordination in the application of conduct regulation and the need for credible deterrence.