Appointment of Commissioners of the Jersey Financial Services Commission.

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A decision made (05/01/2009) regarding: Appointment of Commissioners of the Jersey Financial Services Commission.

Decision Reference: MD-E-2009-0002
Decision Summary Title :	Appointment of Commissioners of the Jersey Financial Services Commission		Date of Decision Summary:	5 January 2009
Decision Summary Author:	Casey McGrath Finance Industry Development Assistant		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	n/a
Written Report Title :	Appointment of Commissioners of the Jersey Financial Services Commission		Date of Written Report:	5 January 2009
Written Report Author:	Colin Powell Chairman of Jersey Financial Services Commission		Written Report : Public or Exempt?	Public
Subject: Commissioners of the Jersey Financial Services Commission – appointment. Lodging of a proposition to appoint Alistair Clark, and to re-appoint John Averty, as a Commissioner of the Jersey Financial Services Commission (“the Commission”).
Decision(s): The Minister agreed the nomination of John Averty and Alistair Clarke for appointment by the States under Article 3(2)(a) of the Financial Services Commission (Jersey) Law 1998 (“the Law”). The Minister approved the proposition and report and that these should be lodged au Greffe for debate on 20 January 2009.
Reason(s) for Decision: The first term of office of John Averty as a Commissioner came to an end on 30 November 2008 and he has indicated that he is prepared to serve a further term. In addition, a vacancy for a Commissioner has occurred following the retirement of Scott Dobbie CBE on 30 November 2008. Under Article 3(2)(a) of the Law, Commissioners are to be appointed by the States on the nomination of the Minister for Economic Development.
Resource Implications: There are no significant resource or manpower implications for the States.
Action required: The proposition and report to be lodged au Greffe for debate on 20 January 2009.
Signature: Senator Alan Maclean		Position: Minister for Economic Development
Date Signed:		Date of Decision (If different from Date Signed):

Appointment of Commissioners of the Jersey Financial Services Commission.

Appointment of Commissioners of the Jersey Financial

Services Commission

Issue and Recommendation
1. Article 3 of the Financial Services Commission (Jersey) Law 1998 (“the Law”) stipulates that the States shall appoint Commissioners of the Jersey Financial Services Commission (“the Commission”) from persons nominated by the Minister for Economic Development (“the Minister”).
1. The first term of office of John Averty as a Commissioner came to an end on 30 November 2008 and he has indicated that he is prepared to serve a further term. In addition, a vacancy for a Commissioner has occurred following the retirement of Scott Dobbie CBE on 30 November 2008.
1. The Board of Commissioners recommends to the Minister that John Averty and Alistair Clark be nominated for re-appointment and appointment as Commissioners by the States.
1. It is recommended that the Minister approve the report and proposition to be lodged au Greffe for debate on 20 January 2009.

Search for a new Commissioner
1. The Law requires the Board of Commissioners to include persons with experience of the type of financial services supervised by the Commission, regular users of such financial services, and individuals representing the public interest. The Law further requires the composition of the Board to be such as to secure a proper balance between the interests of persons carrying on the business of financial services, the users of such services and the interests of the public at large.
1. To ensure such a proper balance on the Board, the Commission decided again to seek a Commissioner of appropriate standing from outside the Island to fill the vacancy created by the retirement of an off-Island Commissioner.
1. The vacancy for a Commissioner from outside the Island was undertaken by recommendation from persons known to the Board of Commissioners who would both fit the criteria and be prepared to join the Board. The Jersey Appointments Commission has confirmed that it has no hesitation in endorsing the proposed appointment.
1. In undertaking the search, the Board had in mind the following criteria:
- reputation for integrity;
- stature within the United Kingdom finance industry;
- senior management experience in the finance industry, preferably at board level; and
- experience of financial regulation in the United Kingdom.
1. Following an extensive search, Thomas Alistair Clark, until recently a member of the Bank of England’s senior executive team, was approached and signified his interest in the position of Commissioner.

The Board’s Recommendation
1. The Board of Commissioners recommends John Averty to the Minister for re-appointment as a Commissioner by the States. The Jersey Appointments Commission has confirmed that this re-appointment meets its eligibility criteria for re-appointments.
1. The Board of Commissioners met with Alistair Clark on 16 December 2008 and decided that he was a suitable candidate to fill the vacancy created by the retirement of Scott Dobbie. The Board therefore recommends Alistair Clark to the Minister.

Recommendation

It is recommended that the Minister approve the report and proposition to be lodged au Greffe for debate on 20 January 2009.

COLIN POWELL