Jersey Financial Services Commission: Appointment of Commissioner

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A decision made 15 March 2012:

Decision Reference: MD-E-2012-0024

Decision Summary Title :

Appointment of Commissioner of the Jersey Financial Services Commission

Date of Decision Summary:

February 2012

Decision Summary Author:

Director, Finance Industry Development

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

n/a

Written Report

Title :

Appointment of Commissioner of the Jersey Financial Services Commission

Date of Written Report:

February 2012

Written Report Author:

Director, Finance Industry Development

Written Report :

Public or Exempt?

Public

Subject:

The appointment of Ian Wright as a Commissioner of the Jersey Financial Services Commission (“the JFSC”).

Decision(s):

The Minister agreed the nomination of Ian Wright for appointment as a Commissioner of the JFSC by the States under Art. 3(2)(a) of the Financial Services Commission (Jersey) Law 1998.

The Minister approved the proposition and report and that these should be lodged with the States Greffe for debate by the States at the earliest opportunity.

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.

Resource Implications:

There are no financial or manpower implications for the States.

Action required:

The proposition and report to be lodged au Greffe for debate by the States at the earliest opportunity.

Signature:

Senator AJH Maclean

Position:

Minister for Economic Development

Date Signed:

Date of Decision (If different from Date Signed):

Jersey Financial Services Comission: Commissioner: Appointment of

THE MINISTER FOR ECONOMIC DEVELOPMENT (“the Minister”)

Appointment of Commissioner of the Jersey Financial Services Commission

ISSUE AND RECOMMENDATION
1. A vacancy for a Commissioner of the Jersey Financial Services Commission (the “Commission”) occurred upon the resignation of Mr Philip Taylor on 2 February 2012.
2. 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”).
3. The Board of Commissioners has recommended to the Minister that Ian Wright be nominated for appointment as a Commissioner by the States.
4. It is recommended that the Minister approves the proposition and report and that these should be lodged au Greffe for debate by the States at the earliest opportunity.
BACKGROUND
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. To ensure such a proper balance on the Board, the Commission decided, on this occasion, to seek a replacement Commissioner with experience of the type of financial services supervised by the Commission or a regular user of such financial services.
3. The search for a Commissioner with such experience has followed an open and transparent process, which included public advertising of the vacancy in Jersey and, for the first time, in Guernsey. 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 and selection based on merit.
4. In undertaking the search, the Board had in mind the following criteria.

Part One – Personal Experience

Experience at a senior level of the type of financial services supervised by the Commission and/or a regular user of such financial services.
A sound knowledge of the workings of the Island including its political and commercial environment.
A working knowledge of the local and international environments in which the Commission operates.
Preferably educated to degree level or above.

Part Two – Personal Style and Behaviour

A high level of analytical ability, combined with an ability to take a wide view on regulatory matters as they affect Jersey.
A high standard of integrity, impartiality, transparency and objectivity in the performance of his/her functions, and an ability to work as a member of a team.
An understanding of the need for, and commitment to, international standards as they apply to the finance industry.
An appreciation of the importance of innovation, flexibility and enterprise in the local finance industry.
Recognized as having stature in the local community.
1. The Commission delegated to an Interview Panel, made up of the Chairman, Commissioner Sir Nigel Wicks, Commissioner Debbie Prosser, Commissioner John Mills, CBE, and Julian Rogers (representing the JAC), consideration of the applicants for the position. The Panel considered eight applications, including one from a Guernsey resident, against the agreed criteria and short listed three of the candidates for a Commissioner with experience the type of financial services supervised by the Commission or a regular user of such financial services. The three candidates were interviewed by the Panel.
2. The Panel unanimously agreed to put forward the name of Mr Ian Wright (“Mr Wright”) to the Nomination Committee of the Board of Commissioners as the preferred candidate for the vacancy. The Nomination committee endorsed the Panel’s recommendation to the Board of Commissioners that Mr Wright should be recommended to the States for appointment as a Commissioner with experience the type of financial services supervised by the Commission, through the Minister.
3. The Board of Commissioners considered the Nomination Committee’s recommendation and, on 2 February 2012, decided that Mr Wright was a suitable candidate to fill the vacancy that will be created by the resignation of Mr Philip Taylor. The Board therefore recommends Mr Wright to the Minister.
4. Mr Ian Wright (56) is Member of the Institute of Chartered Accountants in England and Wales (ICAEW). He joined PwC in 1979, initially based in Jersey and Bahrain, and worked as an Audit Partner based in London and Jersey and as Senior Technical Partner in London. He retired from PricewaterhouseCoopers (“PwC”) in 2007 having achieved the position of Senior Partner in the Global Corporate Reporting Group based in London.
5. He has previously served as a member of the International Financial Reporting Interpretation Committee, the Financial Reporting Policy Group of the Féderation des Experts Comptables Européens, and the Technical Strategy Board of the ICAEW and Chairman of the ICAEW’s Financial Reporting Committee. Since 2007, he has served in a number of roles on the Financial Reporting Council (“FRC”), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, including Director of Corporate Reporting, Deputy Chairman of the Financial Reporting Review Panel (“FRRP”) and is currently a member of the FRRP.

FINANCIAL AND MANPOWER IMPLICATIONS
1. There are no financial or manpower implications arising as a result of this decision.
RECOMMENDATION
1. It is recommended that the Minister approves the proposition and report and confirms that these should be lodged au Greffe for debate by the States at the earliest opportunity.