is preparing to launch a research centre devoted to addressing financial
regulation issues. Ed Balls, economic secretary to the Treasury will unveil the
particulars of the International Centre for Financial Regulation at today’s
meeting of the chancellor’s High-Level City group, held at 11 Downing St.
The ICFR has been founded to pre-empt problems after concerns were
voiced that the spectrum of global financial services may be exposed to serious
risk as the influence of powerhouses such as private equity increases.
Some 12 City corporates including Barclays
Lynch will bankroll the centre to the tune of £100,000 a year for the next
three years. The Treasury will pump £2.5m into the scheme during the same
three-year period. It is hoped that the think tank – which will have its HQ in
London – will become self-sustaining after the initial period by charging
financial services watchdogs from around the world for training.
Chartered chairman Mervyn Davies has been selected as the chair of the ICFR
executive committee ahead of its launch.
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group