The ICFR is an industry-led project independent of the UK Government which will be officially launched at the end of the year, and which aims to become an international centre of excellence focused entirely on financial regulation.

More than GBP5mn in funding to support the Centre's establishment will be provided by 19 financial services firms and The City of London Corporation. The Department for Innovation, Universities and Skills (DIUS) will also release the GBP2.5mn that the Government has committed to the project.

The ICFR was first proposed by industry at a meeting of the Chancellor's High Level Group in 2006. Since the publication of Lord Currie's prospectus for the Centre in May 2007, the development of the Centre has been led by an Interim Executive Committee, chaired by Mervyn Davies, Chairman of Standard Chartered Bank.

Ms Ussher announced that:

"I welcome the strong support from across the City for the establishment of this new centre of excellence. As a world leader in financial services, it is important that Britain continues to be at the forefront of new developments in best practice in this sector."

Mervyn Davies added:

"I am delighted that the ICFR will be established this year, with the support of such a wide range of companies and donors. The City recognised several years ago that we need an international body to promote cutting-edge training and research and recent events in financial markets underline this is the right time to launch. I am confident that Barbara Ridpath will make the ICFR a huge success."