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Centre aims to lead way on regulation

Treasury Economic Secretary Kitty Ussher has announced the formation of an International Centre for Financial Regulation.

The ICFR will carry out and sponsor training and research into regulatory issues, support the development of new regulatory approaches and international standards, and organise debates on the key regulatory issues facing industry practitioners.

Standard and Poor’s executive managing director Barbara Ridpath will be chief executive of the independent, industry-led project, which will launch at the end of the year.

The ICFR was first proposed by the financial services industry at a meeting of the Chancellor’s High-Level Group in 2006. Since the publication of Lord Currie’s prospectus for the ICFR in May 2007, its development has been led by an interim executive committee, chaired by Standard Chartered Bank chairman Mervyn Davies.

Nearly 20 financial services firms and the City of London corporation banded together to raise more than 5m to support the ICFR’s establishment. The Department for Innovation, Universities and Skills has also committed 2.5m.

Ussher says: “As a world leader in financial services, it is important that Britain continues to be at the forefront of new developments in best practice in this sector.”

Davies says: ” The City recognised several years ago that we need an international body to promote cutting-edge training and research.”


FSCS redress for credit unions

The Financial Services Compensation Scheme has started paying compensation to members of Inner Preston Credit Union and Peterlee Credit Union after they were declared in default.

Taking stock

I am due to receive about 180,000 worth of company shares from a share scheme in place with my employer. I am aged 49 and I have the option of using these shares to make a contribution to my company’s pension scheme, which is a self-invested personal pension. Is this a good route to take?

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]


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