Police probe into financial watchdog after money goes missing
Friday 23 November 2012
A finance watchdog set up to improve the image of the City and improve regulation across the globe yesterday admitted it is being investigated by the police after a black hole appeared in its accounts.
The International Centre for Financial Regulation (ICFR), a group based at the heart of the Square Mile on Moorgate in the City of London, said that "internal investigations have revealed that a sum of money appears to be missing from the organisation's bank accounts".
The news may be an embarrassment to the group's founding partners, a list of City heavyweights that include Aviva, Barclays, Citigroup, HSBC, and UBS.
The Government and the City of London Corporation also back the body, which describes itself as the "only independent, non-partisan organisation to be exclusively focused on best practice in all aspects of financial regulation internationally".
The ICFR added that a "member of the management has been suspended pending the outcome of this inquiry", but would not rule in or rule out any of its executives.
Barbara Ridpath, chief executive of the ICFR said: "We consider this situation to be a serious one and it will have a bearing on the future of the ICFR. We are working urgently to find out exactly what has happened, and to resolve the situation in the best interests of all concerned."
While ICFR's troubles are an embarrassment, many of its backers have had more serious problems.
HSBC has been fined for money laundering; Standard Charterted for scheming with Iran to hide billions of pounds' worth of transactions from the US authorities, leaving the financial system susceptible to "terrorists" and "drug kingpins"; Barclays is caught up in the Libor fixing scandal, and many others.
The ICFR website says it believes in "the promotion of efficient, orderly and fair markets which offer appropriate protection for investors and retail consumers alike".
South Korea ferry passengers who were told to stay put 'got trapped' aboard sinking ship
Are beards attractive? Ryan Gosling says yes, but science says no. Take the A-list facial hair challenge and find out who's right
Oscar Pistorius trial: Defence witness 'unqualified' to testify
Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
Oscar Pistorius trial: Defence witness contradicts athlete's version in new blow for defence team
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Poveglia: 'World's most haunted island' up for sale...is anyone brave enough to buy it?
- 2 Babies cry at night to stop mothers procreating, scientists claim
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 Andre Johnson: Wu-Tang Clan-discovered rapper severed his penis and jumped from LA building
- 5 Mrs Doubtfire 2: Robin Williams set to star in sequel to 1993 comedy
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...