Re-Appointment of Mr Ian Wright as a Commissioner of the JFSC
WRITTEN REPORT
The appointment of Commissioners to the Jersey Financial Services Commission (the “Commission”) is dealt with in Articles 3 and 4 of the Financial Services Commission (Jersey) Law 1998 (the “Commission 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
(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.”
Pursuant to paragraph (2) of Article 4, the term of appointment of a Commissioner is prescribed by Part 2 of Schedule 1 to the Commission Law, paragraph 1(2) of 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.”
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 Commission Law.
The Chief Minister wishes to nominate the following person for re-appointment by the States:
Mr Ian Wright
Mr Wright was first appointed as a Commissioner of the Jersey Financial Services Commission on 17 April 2012 and will complete his first term of five years on 17 April 2017.
Mr Wright is a Member of the Institute of Chartered Accountants in England and Wales (“ICAEW”). He Retired from PricewaterhouseCoopers (“PWC”) in 2007 having achieved the position of Senior Partner in the Global Corporate Reporting Group based in London. Mr Wright joined PwC in 1979, initially based in Jersey and Bahrain, and has also worked as an Audit Partner based in London and Jersey and as a Senior Technical Partner in London.
Mr Wright has previously served as a member of the International Financial Reporting Interpretation Committee (IFRIC), the Financial Reporting Policy Group of the Fédération des Experts Comptables Européens (FEE), and the Technical Strategy Board of the ICAEW and Chairman of the ICAEW’s Financial Reporting Committee. Since 2007, Mr Wright has served in a number of roles on the Financial Reporting Council (“FRC”), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, including Director of Corporate Reporting, Deputy Chairman of the Financial Reporting Review Panel (“FRRP”) and is currently a member of the FRRP.
Mr Wright is based in Jersey.
Other Commissioners have been appointed until the following dates:
17 July 2017
Mr Stephan Wilcke
28 February 2018
Mr John Harris (Director General)
29 November 2018
Advocate Debbie Prosser
19 January 2020
Mr Peter Pichler
19 January 2020
Mr Simon Morris
21 April 2020
Lord Eatwell of Stratton St Margaret (Chairman)
31 May 2020
Crown Advocate Cyril Whelan
13 September 2020
Mr Markus Reutimann
31 December 2020
Mr Michael de la Haye OBE
10 March 2017
PROPOSITION
THE STATES are asked to decide whether they are of the opinion -
in pursuance of Article 3 of the Financial Services Commission (Jersey) Law 1998 to appoint Mr Ian Wright as a Commissioner of the Jersey Financial Services Commission with effect from 17 April 2017 for a period of five years.