Jersey Financial Services Commission: Appointment of Deputy Chair

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A decision made on 25 November 2020

MINISTERIAL DECISION REFERENCE: MD-ER-2020-0058
DECISION SUMMARY TITLE: Appointment of Deputy Chair of the Jersey Financial Services Commission
DECISION SUMMARY AUTHOR:	Private Secretary	IS THE DECISION SUMMARY PUBLIC OR EXEMPT?		Public
REPORT TITLE: Appointment of Deputy Chair of the Jersey Financial Services Commission
REPORT AUTHOR OR NAME OF PERSON GIVING REPORT: (if different from Decision Summary Author)	Director of Financial Services	IS THE REPORT PUBLIC OR EXEMPT		Public
DECISION AND REASON FOR THE DECISION: In accordance with Article 3(4) of the Financial Services Commission (Jersey) Law 1998, the Minister for External Relations appointed Monique O’Keefe as Deputy Chair of the Jersey Financial Services Commission with effect from 18 April 2021. This is consistent with the recommendation of the Board of Commissioners. The vacancy has arisen because of the pending retirement of Ian Wright on 17 April 2021.
RESOURCE IMPLICATIONS: There are no resource implications for the Government of Jersey as a result of this decision.
ACTION REQUIRED: The Director of Financial Services to notify the Chairman of the Commission and the Board of the appointment.
SIGNATURE: SENATOR IAN GORST			POSITION: MINISTER FOR EXTERNAL RELATIONS

DATE SIGNED			EFFECTIVE IMMEDIATELY

Jersey Financial Services Commission: Appointment of Deputy Chair

REPORT

Appointment of Deputy Chair of the Jersey Financial Services Commission

Monique O’Keefe

Summary

A vacancy for the Deputy Chair of the Jersey Financial Services Commission (“Commission”) has arisen. The Board of Commissioners (“Board”) has recommended that Monique O’Keefe, a current commissioner, be appointed. The Minister for External Relations has accepted this recommendation and proposes to appoint Monique O’Keefe as Deputy Chair with effect from 18 April 2021.

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 Chair has arisen because of the pending retirement of Ian Wright on 17 April 2021.

Legal Framework

Article 3 of the Commission Law deals with the appointment of the Deputy Chair. It provides that the relevant Minister, currently the Minister for External Relations, shall make the appointment. Article 3 provides in full as follows:

3 Appointment of Commissioners

(1) The Commission shall consist of –

(a) a Chairman; and

(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

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.

The term of appointment of a Commissioner is prescribed by Part 2 of Schedule 1 to the Commission Law, which reads as follows —

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

(2A) Despite paragraph (2), the total period for which a person may hold office as a Commissioner shall not exceed 9 years.

(2B) Article 2 of the States of Jersey (Appointment Procedures) (Jersey) Law 2018 shall apply to an extension of the appointment of a Commissioner.

Appointment

As set out above, the Commission Law provides that the Minister, being the Minister for External Relations currently, shall appoint one Commissioner to be Deputy Chair. As a consequence of the retirement of Ian Wright on 17 April 2021 the Board has recommended Commissioner Monique O’Keefe be appointed Deputy Chair from 18 April 2021.

Biography

Monique has been a Commissioner since 2018 and currently sits on the Remuneration, Nomination and Legal Proceedings committees.

With more than 20 years’ experience in finance and law, she has a strong understanding of financial markets and structures. Her career to date has spanned a variety of organisations including government, major financial institutions and international businesses and, more recently, she cofounded an investment consultancy business in Jersey. She holds several non-executive directorship roles.

Prior to moving to the Island, she specialised in structuring complex financing deals for international investment banks in London and New York. A lawyer by trade, she has strong knowledge of corporate governance, digital innovation and investment. She is also experienced in analysing the strengths and risks in businesses and markets. With excellent global contacts in both finance and law, Monique is a direct communicator with good interpersonal skills and a reputation built on integrity, openness and transparency.

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