Government of Jersey

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A decision made (03.07.07) to appoint Sir Nigel Wicks as a Commissioner of the Jersey Financial Services.

Subject:	Appointment of a Commissioner of the Jersey Financial Services Commission
Decision Reference:	MD-E-2007-0133		Exempt clause(s):
Type of Report: (oral or written)	Written		Person Giving Report (if oral):	n/a
Telephone or e-mail Meeting?	N/A		Report File ref:	n/a
Written report – Title	Appointment of a Commissioner of the Jersey Financial Services Commission
Written report – Author (name and job title)	Colin Powell Chairman, Jersey Financial Services Commission
Decision(s): The minister has agreed to propose to the States of Jersey the appointment of Sir Nigel Wicks as a Commissioner of the Jersey Financial Services Commission with effect from the day after the States agree to his appointment.
Reason(s) for decision: A vacancy for a commissioner has occurred due to the death of Mr Andrew Winckler in January 2007, part way through his term. Article 3 of the Financial Services Commission (Jersey) Law 1998 (the “Law”) stipulates that the States of Jersey shall appoint Commissioners from persons nominated by the Minister for Economic Development (the “Minister”).
Action required: Steven de Gruchy to request the Publications Editor at the States Greffe to lodge the Report and Proposition with immediate effect.
Signature: Senator Philip Ozouf Minister for Economic Development		Date of Decision:

Jersey Financial Services - appointment of Commissioner

MEMORANDUM

To:

Name:

Minister for Economic Development

From:

Name:

Colin Powell

Chairman

File Ref:

CFR/D1-09

Date:

3 July 2007

Appointment of a Commissioner of the Jersey Financial Services Commission

1 Issue

1.1 A vacancy for a Commissioner has occurred due to the death of Mr Andrew Winckler in January 2007, part way through his term of office.

1.2 Mr Winckler was one of three Commissioners of appropriate standing from outside the Island.

1.3 Article 3 of the Financial Services Commission (Jersey) Law 1998 (the “Law”) stipulates that the States shall appoint Commissioners from persons nominated by the Minister for Economic Development (the “Minister”).

2. 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, on this occasion, to seek a Commissioner of appropriate standing from outside the Island to fill the vacancy.

2.3. With the agreement of the Jersey Appointments Commission, 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.

2.4. 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;

· experience of financial regulation in the United Kingdom.

2.5. Following an extensive search, Sir Nigel Wicks, the current chairman of Euroclear, was approached and signified his interest in the position of Commissioner.

3. Recommendation

3.1. The Board of Commissioners met with Sir Nigel Wicks on 2 July 2007 and decided that he was a suitable candidate to fill the vacancy created by the death of Mr Winckler. The Board therefore recommends Sir Nigel to the Minister.

3.2. A biography for Sir Nigel is shown in the attached draft Report and Proposition, which I have prepared for the convenience of the Minister.

3.3. Should the Minister so desire, I would be pleased to attend on him to discuss the recommendation.

Colin Powell

REPORT

The appointment of Commissioners to the Jersey Financial Services Commission is dealt with in Articles 3 and 4 of the Financial Services Commission (Jersey) Law 1998 (the “Law”).

Paragraph (1) of Article 3 reads as follows -

“(1) The Commission shall consist of -

(a) a Chairman; and

(b) not less than six other Commissioners.”

Paragraph (2) reads as follows -

“(2) The States shall appoint -

(a) the Commissioners from persons nominated by the Minister; and

(b) a Commissioner nominated by the Minister to be Chairman of the Commission,

and the appointments shall be debated in camera.”

Paragraph (3) states -

“(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

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.”

Pursuant to paragraph (2) of Article 4, the term of appointment of a Commissioner is prescribed by Part 2 of Schedule 1 to the Law, paragraph 1(2) of which reads as follows –

“(2) A Commissioner shall be appointed by instrument in writing for a period not exceeding three years and upon expiry of such period shall be eligible for reappointment.”

By virtue of Article 4(1) all Commissioners are required to take oath before the Royal Court in the form set out in Part I of Schedule 1 to the Law before they begin to act in execution of the Law.

The Minister for Economic Development wishes to nominate the following person for appointment by the States –

Sir Nigel Wicks

Sir Nigel Wicks is currently the Chairman of Euroclear, having been appointed on 1 January 2007. Previously, he was non-executive Deputy Chairman of Euroclear plc and Euroclear SA/NV from September 2002.

He previously served as non-executive Chairman of CRESTCo, the settlement system for UK and Irish securities, from 2001 until its merger with Euroclear in 2002. He also served, on appointment by the UK Prime Minister, as Chair of the Committee on Standards in Public Life between March 2001 and April 2004.

Before joining CRESTCo as non-executive Chairman, Sir Nigel Wicks was a member of the British Civil Service for 32 years. From 1989 to 2000, he was Second Permanent Secretary and Director of International Finance at HM Treasury. Before this, he spent periods as Principal Private Secretary to Prime Minister Margaret Thatcher, Economic Advisor at the British Embassy in Washington DC, UK Executive Director at the World Bank and the IMF, and as Private Secretary to Prime Ministers James Callaghan and Harold Wilson. Sir Nigel Wicks was a member of the EU Committee of ‘Wise Men’ on European Securities Regulation (the Lamfalussy Group) from 2000 to 2001.

Other Commissioners have been appointed until the following dates –

30 November 2008

John Averty

Advocate Michael Clapham

Scott Dobbie, CBE

30 June 2009

John Boothman

28 February 2010

John Harris

17 September 2009

Geoffrey Colin Powell, CBE (Chairman)

31 May 2010

Jacqueline Richomme

Dr Frederik Musch

PROPOSITION

THE STATES are asked to decide whether they are of the opinion -

(a) in pursuance of Article 3 of the Financial Services Commission (Jersey) Law 1998 to appoint Sir Nigel Wicks as a Commissioner of the Jersey Financial Services Commission with effect from the day after the States debate for a period of 3 years.

MINISTER FOR ECONOMIC DEVELOPMENT