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UK pension fund crisis ‘highlights need for vigilance’ in shadow banking, BOE’s Breeden says

( March 9, 2023, 13:47 GMT | Official Statement) -- MLex Summary: Turmoil in the UK's pension fund industry last year “highlights the need for vigilance” in the market-based finance sector, Bank of England executive director Sarah Breeden has said. The incident, which saw pension funds that held liability-driven investment strategies hit with a liquidity crisis following a disastrous UK government fiscal announcement, shows the need for regulatory caution around financial institutions outside the banking system, she said. “Market-based finance has grown rapidly and not been subject to the same regulatory scrutiny as banks,” Breeden said in a speech today.Speech attached....

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