The Treasury has put its weight behind a new International Centre for Financial Regulation (ICFR) due to launch at the end of this year.
In 2007, the Treasury and the Department of Innovation, Universities and Skills committed £2.5m over three years to support the establishment of an independent global centre of excellence in financial regulation. Further financial commitments have been made by 19 private sector firms and the City of London Corporation.
The goal of the ICFR is to shape the strategic direction of regulatory research and training for financial services professionals in the UK and overseas.
Based in London, ICFR will act as an international forum for discussion and innovation, hosting conferences, seminars and training.
Chancellor Alistair Darling reiterated the Treasury’s support for ICFR as part of a new report detailing the government’s response to the challenges of financial globalisation.
It says cross-border financial regulation is inefficient in many areas and suggests national regulators should prioritise the convergence of international regulatory standards and practices.
“Cross-border financial regulation will, and must, continue to have its foundation in effective domestic regulation. However, there is significant scope for national regulators to further harmonise their domestic approach around international best practice,” according to the report.
It also says the government is supporting the development of an effective international regulatory approach that can provide an early warning system for emerging financial risks and control financial instability.
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