Appointment of Commissioners of the Jersey Financial Services Commission

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A decision made (01/10/2009) regarding: Appointment of Commissioners of the Jersey Financial Services Commission.

Decision Reference: MD-E-2009-0179
Decision Summary Title :	Appointment of Commissioners of the Jersey Financial Services Commission		Date of Decision Summary:	1 October 2009
Decision Summary Author:	Finance Industry Development Executive		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:	1 October 2009
Written Report Author:	Finance Industry Development Executive		Written Report : Public or Exempt?	Public
Subject: Appointment of John Mills CBE and Philip Taylor as Commissioners of the Jersey Financial Services Commission (“JFSC”).
Decision(s): The Minister approved the nomination of John Mills CBE and Philip Taylor for appointment by the States as Commissioners of the JFSC and approved the proposition and report to be lodged au Greffe for debate on 20 October 2009.
Reason(s) for Decision: Under Article 3(2)(a) of the Financial Services Commission (Jersey) Law 1998, Commissioners of the JFSC are appointed by the States on the nomination of the Minister for Economic Development. Two vacancies for the post of Commissioner have arisen as a result of the retirement of John Boothman and Colin Powell CBE. The Board of Commissioners has recommended to the Minister that John Mills CBE and Philip Taylor be nominated for appointment by the States as Commissioners.
Resource Implications: There are no resource or manpower implications for the States.
Action required: The proposition and report to be lodged au Greffe for debate on 20 October 2009.
Signature: Senator A.J.H.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

Minister for Economic Development (“the Minister”)

APPOINTMENT OF COMMISSIONERS OF THE JERSEY FINANCIAL SERVICES COMMISSION

Issue and Recommendation

1.1. 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.

1.2. Two vacancies for the post of Commissioner have arisen as a result of the retirement of John Boothman and Colin Powell CBE. The Board of Commissioners has recommended to the Minister that John Mills CBE and Philip Taylor be nominated for appointment as Commissioners by the States.

1.3. It is recommended that the Minister approves the nominations and that the proposition be lodged au Greffe for debate on 20 October 2009.

Search for a New Commissioner

2.1. 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.

2.2. To ensure such a proper balance on the Board, the Commission decided to seek a replacement Commissioner to represent the public interest and a replacement Commissioner with experience of the type of financial services supervised by the Commission.

2.3. The search for the two Commissioners with such experience followed an open and transparent process, which included public advertising of the vacancies. The recruitment process followed procedures agreed with, and overseen by, the Jersey Appointments Commission (“JAC”) and the JAC has confirmed that the recruitment process has met its requirements for openness of competition, impartiality, equality of opportunity and selection based on merit.

The Board’s Recommendation

3.1. The Commission delegated to an Interview Panel, made up of the Chairman, Commissioner Jacqueline Richomme, Commissioner Sir Nigel Wicks and Elizabeth Rees (representing the JAC), consideration of the applicants for the position. The Panel considered nine applications against the agreed criteria and short listed both the candidates for the Commissioner to represent the public interest and three of the seven candidates for a Commissioner with experience the type of financial services supervised by the Commission.

3.2. The Panel recommended to the Board of Commissioners that John Frederick Mills CBE should be recommended to the Minister for appointment by the States as a Commissioner to represent the public interest.

3.3. The Panel recommended to the Board of Commissioners that Louis Philip Chetwynd Taylor should be recommended to the minister for appointment by the States as a Commissioner with experience the type of financial services supervised by the Commission.

Recommendation

4.1. It is recommended that the Minister approves the nominations and that the proposition be lodged au Greffe for debate on 20 October 2009.

FINANCE INDUSTRY DEVELOPMENT EXECUTIVE

1 October 2009