The International Centre for Financial Regulation (ICFR) has gone into administration after the board became aware that a “significant sum of money” appeared to have been removed from the organisation’s bank accounts without authorisation from the board, Insolvency News reports.
The directors of the ICFR include many directors in the international financial services community, including Clydesdale and National Australia Bank director Barbara Ridpath who was previously also executive managing director at Standard & Poor’s.
David Anthony Currie – aka Baron Currie of Marylebone – was also on the board at the time the organisation entered administration. He was previously a director at spread betting group IG Group Holdings.
Stuart John Overend – a chartered accountant – is also listed on the directors list. Overend was previously a director Coopersknowe Developments LLP, which is also in administration.
Insolvency practitioners at Zolfo Cooper, which are handling the case, confirmed that the sums involved were “sufficiently substantial” to raise questions over the organisation’s ability to continue to operate.
The board took the decision to place the body into administration to ensure there was no possibility of trading while insolvent – which is illegal.
A spokesperson for Regulatory Legal, the financial services solicitors, said: “If a trade body cannot get it right, who can ?”
