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.”