Financial leaders must prepare for risks such as Brexit, says regulator

Financial Stability Board says countries should be prepared for global economic downturn

Global authorities gathering in Washington this week must stand ready to address emerging risks including a global economic downturn and Brexit, the leading body for global financial stability has warned.

The Financial Stability Board - which was formed after the 2008 banking crisis that brought the financial system to its knees - said that while much has been achieved in the past decade, its job was "far from complete". It also warned of new dangers, including higher levels of corporate debt, weaker lending standards, and cyber-attacks.