REPORT
Appointment of Commissioner of the Jersey Financial Services Commission
Tracy Garrad
Summary
A vacancy for a Commissioner of the Jersey Financial Services Commission (Commission) has arisen. The Board of Commissioners (Board) has recommended Tracy Garrad be appointed. The Chief Minister has accepted this recommendation and proposes to appoint Tracy Garrad as Commissioner with effect from 1 February 2019.
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.
Vacancies for Commissioner will arise in 2020 due to the retirement of two current Commissioners. In the interests of succession planning, the decision was taken to fill one of these posts now.
Legal Framework
Article 3 of the Commission Law deals with the appointment of Commissioners. It provides that the Chief Minister shall make the appointment. Article 3 provides in full as follows:
(1) The Commission shall consist of –
(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
(c) individuals representing the public interest,
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.
Appointment
As set out above, the Commission Law provides that the Minister, being the Chief Minister currently, shall appoint Commissioners. The Board has recommended Tracy Garrad be appointed for a full five year term from 1 February 2019.
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