The City of London police said on Wednesday that 54-year old Charles Taylor from Berkshire had been charged with fraud by abuse of position in relation to the internal theft of nearly 600,000 pounds and false accounting.

"Taylor is due to appear at City of London Magistrates' Court on January 21," the police said in a statement.

The ICFR was set up by the UK Treasury and about 20 big banks in 2008 to research financial regulation.

Taylor could not be immediately contacted.

(Reporting by Huw Jones; Editing by Mark Potter)