Big Four back new global regulation think tank

Ernst and Young, PwC, KPMG and Deloitte are stumping up £100,000 to fund an
industry-led organisation on international financial regulation which is set to
go live by the end of the year.

The International Centre for Financial Regulation aims to promote world class
research and education in the field and plans to look at the dynamics of
financial stability.

‘I think it can make a real contribution to regulation of international
financial markets which are the oil of the economic engine of the world,’ said
Michael Synder, senior partner of Kingston Smith and a member of the steering
board of the new centre.

The initiative has the backing of the government which announced in its 2006
budget that it wanted to set up such a centre.

The
government
is providing £2.5m worth of funding over three years with the City of London
also contributing £1m towards set up costs.

Barbara Ridpath, managing director of Standard & Poor’s in Europe, will
take up the reigns as chief executive of the new centre in September.

Investment banks – Dresdner Kleinwort, Goldman Sachs, JP Morgan, Merrill
Lynch, Morgan Stanley and UBS have all agree to provide £100,000 per year for
the first three years of the centre. Barclays, HSBC Citigroup and Standard
Chartered are also offering funding to the same amount with insurance giants
Prudential and Aviva on board too. Investment management firms, Aberdeen Asset
Management and Man Group plus private equity group 3i are also contributing.