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Financial reporting think tank suspends manager over missing cash

Think tank to improve financial practice in the City suspends manager over suspected fraud

26 Nov 2012 Accountancy Age

By Rachael Singh

police

A THINK TANK designed to improve financial practice in the City has suspended a senior manager and called in the police over alleged fraud in the organisation.

The International Centre for Financial Regulation (ICFR) has reported the incident to the City of London Police.

"The ICFR can also confirm that a member of the management has been suspended pending the outcome of this inquiry," a statement from the organisation said.

ICFR CEO Barbara Ridpath 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."

The ICFR was created, and partly supported, by the government as well as private sector backers and the City of London Corporation – an organisation set up to look after the Square Mile business district.

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