The International Centre for Financial Regulation (ICFR) (2009–12) was a UK-based non-partisan organisation focused entirely on financial regulation that operated between 2009 and 2012.[1]
History
editIFCR was the product of a collaboration between a number if international financial services institutions and the UK Government. The ICFR wanted to provide research, events and training on financial regulation whilst also acting as a catalyst for dialogue, thought leadership and scholarship in this critical area.[1][dead link] The ICFR’s stated focus was to "shape regulatory thinking that not only addresses – but also anticipates – the evolution of financial markets at a global level, to bring consistency and cooperation between global regulators and policy makers through pro-active discussions, working groups and long-term research."[2] The Centre also meant to support practical training initiatives on best practice and the latest regulatory changes both in developed and emerging markets.[3]
It was put into administration in late 2012, as a member of the management had been suspended after a "substantial" sum of money "appeared to have been removed from the organisation’s bank accounts" without the permission of the centre's board.[4][5]
On 21 January 2014, the ICFR's Chief Operating Officer Charles Taylor appeared at City of London Magistrates' Court charged with fraud by abuse of position in relation to the internal theft of almost £600,000 and false accounting.[6] Taylor committed suicide in September 2015.[7]
Structure
edit- Board members
- David Currie – Chairman
- Barbara Ridpath – Chief Executive
- Non-Executive Directors: Michel Prada, Stuart Overend, Charles Taylor
- Stakeholders of the ICFR
- Aberdeen Asset Management
- Aviva
- Barclays Bank Plc
- Citigroup
- Goldman Sachs International
- HSBC
- JP Morgan
- Bank of America Merrill Lynch
- Morgan Stanley
- Prudential plc
- Standard Chartered
- 3i
- UBS
- City of London Corporation
- Her Majesty’s Government
- PriceWaterhouseCoopers
- KPMG
- Ernst & Young
- Deloitte
- Clifford Chance
References
edit- ^ a b "ICFR launched". 13 January 2009. Archived from the original on 17 March 2010. Retrieved 6 September 2012.
- ^ ICFR research Archived 21 January 2010 at the Wayback Machine
- ^ ICFR training catalogue Archived 6 September 2010 at the Wayback Machine
- ^ "FT prizewinner calls for global regulator". Financial Times. 21 January 2013.
- ^ "Police probe into financial watchdog after money goes missing". 23 November 2012.
- ^ "Former head of City think-tank to face fraud charge | Accountancy Daily".
- ^ "Accountant at state-funded thinktank killed himself before trial". The Guardian. 24 September 2015.