A US lobby group representing $20 trillion in fund assets has renewed its attack on the Financial Stability Board, criticising the standard-setter for relying on “conjecture and assumptions” in the face of a wealth of empirical evidence in its bid to tackle potential liquidity squeezes.

The Investment Company Institute on September 21 baulked at a number of the recommendations made by the FSB's June consultation designed to "address structural vulnerabilities from asset management activities", arguing that its underlying understanding of the fund management sector was lacking.