6 Moreover, with the growing importance of institutional investors, including pension funds, on pricing in financial markets central banks need to pay attention to certain risks emerging from these developments. In particular, an “agency problem” will inevitably exist in the behavioural pattern of institutional investors arising from the difficulty of perfectly aligning the incentives of savers and those of the delegated portfolio managers.
We will prepare for the next crisis by making sure that our framework to assess vulnerabilities to financial stability is state of the art and remains so going forward. And, we will work hard to maintain the important reforms in place, ensure they are working as intended, and, where possible, improve them. 4/4  BIS central bankers' speeches