The Government is planning an International Centre for Financial Regulation (ICFR), City Minister Ed Balls says.
The Centre will carry out research and offer training on international regulation with a view to influencing global regulatory developments.
The proposal was presented at yesterday’s City High-Level Group meeting, chaired by Chancellor Gordon Brown.
It has attracted financial support from industry and the City, with £2.5m to be provided by the Government over the next three years.
Mervyn Davies, Chairman of Standard Chartered, has agreed to chair the interim executive committee, representing donor interests, that will prepare the Centre for launch.
“Developing a new world class centre of financial regulatory expertise will not only help to inform the UK's principles-based regulatory approach, but influence developments in regulation across the world,” says Ed Balls.
“The Centre will be the first of its kind in the world, and although based in London it will have global reach, providing research and training for financial services regulators around the world.”
Separately, Lord Levene presented a review of the London insurance market at the High-Level Group meeting, including proposals for market-led initiatives to enhance London's position as the centre for wholesale general insurance.
The review includes proposals on improving industry processes; widening of the skilled insurance personnel pool, including a proposal to establish a London Insurance University; making insurance a career of choice; and hosting a Global Risk Summit to stimulate market innovation.
Ed Balls will host an Insurance Summit at Number 11 in the autumn when Lord Levene will provide an update on the implementation of the insurance proposals.
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