11 May 2007
City backs the International Centre for Financial
Regulation
Following a proposal at the City High-Level Group meeting
chaired by the Chancellor on Wednesday 9 May, the City of London
Corporation is pleased to announce that it is to help finance the
International Centre for Financial Regulation. (ICFR).
The ICFR would aim to provide the UK with a world-class means
for delivering regulatory training and research.
Lord Mayor John Stuttard, whose initiative on promoting UK’s
expertise on Business Education, Training and Qualifications is
supported by British Council, UKTI and the Treasury, said:
“The City needs to attract global talents and the ICFR would
help educate and identify the best skilled people with regulatory
expertise and thereby help the City maintain its dominant
position”
Specifically, the ICFR would act in a highly catalytic role,
connecting the best academies and practitioners both within the UK
and overseas.
Michael Snyder, Policy and Resources Chairman of the City of
London Corporation said: “One of the City’s competitive advantages
as the world’s international financial centre is its regulatory
framework. The ICFR would provide a vehicle for developing and
spreading best regulatory practice.”
“The ICFR would reinforce our work to increase the skills levels of
the City which includes providing an education service to promote
learning, development and employability.”
In supporting the setting up of ICFR, the City of London
Corporation will provide up to £1m, in addition to the Government’s
contribution of £2.5 million over the next three years.
Ends
Notes to editors
- The City of London Corporation provides local government
services for the City of London, the financial and commercial heart
of the UK. We are committed to maintaining and enhancing the status
of the business City as the world's leading international financial
and business centre through its policies and services. Our
responsibilities also extend far beyond the City boundaries and
include management of the Barbican Centre, Central Criminal Court
at the Old Bailey, Epping Forest, Hampstead Heath, three wholesale
food markets, as well as acting as the London Port Health
Authority.
- In Budget 2006 the Chancellor announced a commitment to work
with the financial sector to establish High-Level Group, with
senior representatives from across the financial sector, to develop
and support a new strategy to promote London as the world’s leading
international financial and business centre.
- The High-Level Group held its first meeting at 11 Downing
Street on 18 October 2006. The Group was chaired by the Chancellor
of the Exchequer, Gordon Brown, with the Lord Mayor John Stuttard
and the Chairman of the Policy and Resources Committee Michael
Snyder representing the City of London Corporation.
- The Government, the City of London Corporation and the industry
will provide start up funding for the ICFR, and it is intended that
the ICFR will become self-funding after the initial set-up phase.
Barclays; Citigroup; Goldman Sachs; HSBC; JP Morgan; Man Group;
Merrill Lynch; Morgan Stanley; Prudential, Standard Chartered; UBS;
Aviva; Aberdeen Asset Management and 3i and have all agreed to
provide start funding of £100,000 per year for three years for the
ICFR, and further discussions are underway with the other
interested parties - UK and on an international basis.
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