The FSB’s priorities for 2015 are (i) full, consistent and prompt implementation of agreed reforms (ii) finalising the design of remaining post-crisis reforms and (iii) addressing new risks and vulnerabilities. In this letter to the G20 Finance Ministers and Central Bank Governors, the FSB Chair notes that the FSB is making considerable progress towards its post-crisis reform objectives. International policy measures to end too-big-to-fail are now largely complete for banks, but substantial work remains at a national level to implement effective resolution regimes. Implementation of over-the-counter derivatives reforms is underway but continues to be uneven and behind schedule. Meanwhile progress is being made in implementing the policies agreed to address the major fault lines in shadow banking revealed by the crisis. The letter notes that the FSB is on track to deliver the first annual consolidated report on the implementation of the G20 financial reforms and their effects. It also provides an update on work on risks stemming associated with market liquidity and asset management activities, the FSB action plan to address misconduct risks, and possible work on implications of climate-related issues for the financial sector.