Finance Firms Beyond Banks Not Ready For Crisis, BOE Warns

The Bank of England warned that hedge funds, asset managers and pension providers could be “underprepared” in times of crisis, using the results of its review to push for international efforts to handle the growing risks in non-banking.

The BOE has spent over a year examining how banks and other market participants would respond to a “sudden, sharp, shock to global financial markets,” in the first global initiative of its kind.