THE MINISTER FOR ECONOMIC DEVELOPMENT (“the Minister”)
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 (“the Law”) provides that the States shall appoint Commissioners of the Jersey Financial Services Commission (“the Commission”) from persons nominated by the Minister.
1.2. A vacancy for a Commissioner will occur upon the retirement of Jacqueline Richomme on 31 May 2010, having completed three terms.
1.3. The Board of Commissioners recommends to the Minister that Advocate Cyril Edward Whelan be nominated for appointment as a Commissioner by the States.
1.4. There are no financial or manpower implications for the States.
1.5. It is recommended that the Minister approves the proposition and report and that these should be lodged au Greffe for debate on 25 May 2010.
2. BACKGROUND
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 replacement Commissioner with experience of the type of financial services supervised by the Commission or a regular user of such financial services.
2.3. The search for a Commissioner with such experience has followed an open and transparent process, which included public advertising of the vacancy. 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 of opportunity and selection based on merit.
2.4. 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.
2.5. The Commission delegated to an Interview Panel, made up of the Chairman, Commissioner Sir Nigel Wicks, Commissioner Debbie Lang, Commissioner John Mills, CBE, and Julian Rogers (representing the JAC), consideration of the applicants for the position.
2.6. The Panel considered nine applications against the agreed criteria and short listed four 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. One of the candidates withdrew their application prior to interview and, consequently, three candidates were interviewed by the Panel.
2.7. The Panel recommended to the Board of Commissioners that Advocate Cyril Edward Whelan 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.
2.8. The Board of Commissioners considered the Panel’s recommendations and, on 7 April 2010, decided that Advocate Whelan was a suitable candidate to fill the vacancy that will be created by the retirement of Jacqueline Richomme. The Board therefore recommended Advocate Whelan to the Minister.
Advocate Cyril Edward Whelan
2.9. Called to the English bar in 1979 and to the Jersey bar in 1982, Advocate Whelan has spent 28 years as senior legal adviser in the Law Officers’ Department in Jersey. He was appointed to the office of Crown Advocate immediately upon the creation of that office in 1987 and remains the Island’s Senior Crown Advocate.
2.10. As head of the Section within the Law Officers’ Department responsible for Serious Crime and International Mutual Legal Assistance, Advocate Whelan has advised on all aspects of public law, including serious crimes such as complex fraud and money laundering.
2.11. Advocate Whelan has also acted on behalf of successive Attorneys General in the implementation of major regulatory and mutual assistance legislation in Jersey and has been involved in high profile investigative and litigation work relating to asset recovery on behalf of governments worldwide.
2.12. Advocate Whelan retired from the Law Officers’ Department in 2007 and is currently a Senior Consultant at the local law firm BakerPlatt and is also a Door Tenant of Chambers at Seven Bedford Row, London.
3. RECOMMENDATION
3.1. It is recommended that the Minister approves the proposition and report and that these should be lodged au Greffe for debate on 25 May 2010.
DIRECTOR, FINANCE INDUSTRY DEVELOPMENT
4 May 2010