REPORT
Appointment of Commissioner of the Jersey Financial Services Commission
Ian Wright
Summary
A vacancy for a Deputy Chairman of the Jersey Financial Services Commission (Commission) has arisen. The Board of Commissioners (Board) has recommended Ian Wright be appointed. The Chief Minister has accepted this recommendation and proposes to appoint Ian Wright as Deputy Chairman with effect from 30 November 2018.
Background
The Commission was established under the Financial Services Commission (Jersey) Law 1998 (Commission Law) to supervise and develop financial services in Jersey, provide advice and assistance to States Members in relation to financial services, and uphold regulatory standards which:
› reduce risk to the public of financial loss due to dishonesty, incompetence, malpractice or the financial unsoundness of financial service providers;
› protect and enhance the reputation and integrity of Jersey in commercial and financial matters;
› safeguard the best economic interests of Jersey; and
› counter financial crime in both Jersey and elsewhere.
A vacancy for a Deputy Chairman has arisen because of the imminent retirement of Debbie Prosser on 29 November 2018.
Legal Framework
Article 3 of the Commission Law deals with the appointment of Commissioners. It provides that the Chief Minister shall make the appointment. Article 3 provides in full as follows:
(1) The Commission shall consist of –
(b) not less than 6 other Commissioners.[11]
(2) The Minister shall appoint –
(a) the Commissioners; and
(b) a Commissioner to be Chairman of the Commission.[12]
(2A) Article 2 of the States of Jersey (Appointment Procedures) (Jersey) Law 2018[13] shall apply to the appointment of the Chairman and other Commissioners.[14]
(3) The Commissioners shall include –
(a) persons with experience of the type of financial services supervised by the Commission;
(b) regular users on their own account or on behalf of others, or representatives of those users, of financial services of any kind supervised by the Commission; and
(c) individuals representing the public interest,
and the composition of the Commission shall 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.
(4) The Minister shall appoint one Commissioner to be Deputy Chairman.[15]
(5) The functions, powers, rights and obligations of the Commission shall not be affected by any vacancy in its membership.
Appointment
As set out above, the Commission Law provides that the Minister, being the Chief Minister currently, shall appoint one Commissioner to be Deputy Chairman. As a consequence of the retirement of Debbie Prosser on 29 November 2018 the Board has recommended Commissioner Ian Wright be appointed Deputy Chairman from 30 November 2018.
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