Non-bank lending markets face unprecedented levels of government intervention under sweeping proposals to tame “shadow banking” laid out by global regulators meeting as the Financial Stability Board.

“We need to be constructing a regulatory and supervisory regime that guards against shadow banking creating [its] crisis in 2015 or 2020,” Lord Turner, the UK regulator who helped lead the project, told the Financial Times.

The Basel-based regulatory group made clear yesterday that it intended to push for tighter oversight of any part of the $67tn sector that takes on bank-like attributes such as using short-term assets to fund longer-term lending, known as “maturity transformation”. They also intend to set global capital and liquidity standards for non-banks that could be subject to investor panics akin to a depositor run.