Jersey Financial Services Commission: Commissioner: Appointment

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A decision made 20 September 2013:

Decision Reference: MD-C-2013-0096
Decision Summary Title :	Re-appointment of Commissioner of the Jersey Financial Services Commission	Date of Decision Summary:	6 September 2013
Decision Summary Author:	Deputy 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:	6 September 2013
Written Report Author:	Deputy Director, Finance Industry Development	Written Report : Public or Exempt?	Public
Subject: Re-appointment of Advocate Deborah Jane Prosser (née Nance) as a Commissioner of the Jersey Financial Services Commission (the “JFSC”).
Decision(s): The Minister approved the nomination of Advocate Prosser for reappointment by the States as a Commissioner of the JFSC with effect from 30 November 2013 for a period of five years. The Minister directed that the proposition be lodged au Greffe for debate by the States at the earliest opportunity.
Reason(s) for Decision: Advocate Prosser will complete her first five year term as a Commissioner on 29 November 2013. It is considered that Advocate Prosser has contributed fully to the work of the Board of Commissioners of the JFSC, and through her chairmanship of the Remuneration Committee to work in that area. The Board of Commissioners unanimously agreed to recommend her reappointment for a second term of five years and Advocate Prosser has indicated that she is prepared to serve a further term. Under Article 3(2)(a) of the Financial Services Commission (Jersey) Law 1998, Commissioners are to be appointed by the States on the nomination of the Minister.
Resource Implications: There are no resource or manpower implications for the States.

Action required:

The proposition to be lodged au Greffe for debate at the earliest opportunity.

Signature:

Senator Ian Joseph Gorst

Position:

Deputy Chief Minister of Jersey

Date Signed:

Date of Decision (If different from Date Signed):

Jersey Financial Services Commission: Commissioner: Appointment

Appointment of Commissioner of the Jersey Financial Services Commission

1. Issue and Recommendation

1.1. Article 3 of the Financial Services Commission (Jersey) Law 1998, as amended, provides that the States shall appoint Commissioners of the Jersey Financial Services Commission (“JFSC”) from persons nominated by the Minister.

1.2. It is recommended that the Minister approves the nomination of Advocate Deborah Jane Prosser (née Nance) for reappointment as a Commissioner of the JFSC with effect from 30 November 2013 for a further period of five years and directs that the Proposition be lodged au Greffe for debate by the States at the earliest opportunity.

2. Background

2.1. Advocate Prosser was first appointed as a Commissioner of the JFSC on 30 November 2008 and will complete her first term of five years on 29 November 2013.

2.2 At the Board of Commissioners meeting held in June 2013, Advocate Prosser’s performance as a Commissioner during her first term of office was considered. It was noted that Commissioner Prosser had contributed fully to the work of the Board of Commissioners and, through her chairmanship of the Remuneration Committee to work in that area. The Board of Commissioners agreed unanimously that Commissioner Prosser should be recommended to the States, through the Minister, for reappointment.

2.3. The Jersey Appointments Commission (“JAC”) has noted that the proposed reappointment of Advocate Prosser meets the terms and criteria for reappointments as set out in its Code of Practice for Appointments to Autonomous & Quasi-autonomous Public Bodies & Tribunals.

Career

2.4 From 1984 to 2005 Advocate Prosser held the following roles at Bailhache Labesse (now Appleby):

Head of Personal Law Department;
Managing Partner of Bailhache Labesse; and
Managing Director of Bailhache Labesse Trustees Limited.

2.5 From 2005 to 2012 Advocate Prosser worked as a self-employed consultant assisting law firms and trust companies with strategic planning and management.

2.6 From 2008 to 2012 Advocate Prosser acted as in house legal counsel to two leading trust companies as well as establishing a sole practitioner legal practice specialising in wills and succession planning for high net worth clients.

Directorships currently held

2.7 From 1998 to date: Daisy Hill Real Estates Limited (non-executive director of a private property owning company).

2.8 From 2006 to 2013: Basel International Limited (non-executive director of a company that owns a Jersey regulated trust company (Basel Trust Corporation (Channel Islands) Limited) and a trust company in Geneva (BasTrust Limited)).

2.9 From 2007 to date: The Law Debenture Trust (Channel Islands) Limited (non-executive director of a Jersey regulated trust company).

Other Memberships held

2.10 Advocate Prosser is a Jersey qualified Solicitor and Advocate and is a member of the Jersey Law Society.

2.11 Advocate Prosser is has also been a member of the Jersey Police Complaints Authority since January 2008 and has been Chairman since January 2013.

3. Recommendation

3.1. It is recommended that the Minister approves the nomination of Advocate Deborah Jane Prosser (née Nance) for reappointment as a Commissioner of the JFSC with effect from 30 November 2013 for a further period of five years and directs that the Proposition be lodged au Greffe for debate by the States at the earliest opportunity.

4. Financial and Manpower Implications

4.1 There are no financial or manpower implications arising for the States of Jersey as a result of this decision.

FINANCE INDUSTRY DEVELOPMENT

6 September 2013