Jersey Financial Services Commission: appointment of Commissioner

STATES OF JERSEY

JERSEY FINANCIAL SERVICES COMMISSION: APPOINTMENT OF COMMISSIONER

Presented to the States on 15th October 2018 by the Chief Minister

STATES GREFFE

2018  R.134

REPORT

Summary

A  vacancy  for  a  Commissioner  of  the  Jersey  Financial  Services  Commission ("the Commission") has arisen. Following an open, transparent, competitive and merit- based selection process, the Board of Commissioners ("the Board") has recommended that  Ms. Monique O'Keefe  be  appointed.  The  Chief  Minister  has  accepted  this recommendation and proposes to appoint Ms. O'Keefe as a Commissioner with effect from 1 December 2018.

Background

The Commission was established under the Financial Services Commission (Jersey) Law 1998 ("the 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 Commissioner on the Board has arisen because of the imminent retirement of Debbie Prosser on 29 November 2018.

Legal framework

Article 3 of the Commission Law deals with the appointment of Commissioners and provides that the Chief Minister shall make the appointments. Article 3 in full provides as follows –

"3  Appointment of Commissioners

1. The Commission shall consist of –
   1. a Chairman; and
   2. not less than 6 other Commissioners.
2. The States shall appoint –

1. the Commissioners from persons nominated by the Minister; and
2. a Commissioner nominated by the Minister to be Chairman of the Commission,

and the appointments shall be debated in camera.

3. The Commissioners shall include –

1. persons with experience of the type of financial services supervised by the Commission;
2. 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
3. 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.
5. The functions, powers, rights and obligations of the Commission shall not be affected by any vacancy in its membership.".

Appointment process

As set out above, the Commission Law requires the Board 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 Commission 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.

The search for a Commissioner with relevant experience both as a Commissioner and as a potential Chairman followed an open and transparent process, which included public advertising of the vacancy on the Commission's website and social media.

The recruitment process followed procedures agreed with, and overseen by, the Jersey Appointments Commission; and the Jersey Appointments Commission has confirmed that the recruitment process has met its requirements for openness of competition, impartiality, equality and selection based on merit.

In undertaking the search, the Board had in mind the following criteria –

Part One – Personal Experience

1. Experience gained at a senior level within Jersey, the UK or European finance industry, as a successful practitioner, regulator or legislator.
2. An extensive knowledge of the workings of the UK and the European Union, including its political and commercial environment.
3. A  sound  knowledge  of  the  international  environments  in  which  the Commission operates.
4. Preferably educated to degree level or above.

Part Two – Personal Style and Behaviour

1. A high level of analytical ability, combined with an ability to take a wide view on regulatory matters as they affect Jersey.
2. 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.
3. An  understanding  of  the  need  for,  and  commitment  to,  international standards as they apply to the finance industry.
4. An appreciation of the importance of innovation, flexibility and enterprise in the local finance industry.
5. Recognised as having stature in the international community.

The Board delegated consideration of the applicants to an Interview Panel ("the Panel"), made up of Advocate Debbie Prosser (Chairman), Commissioner Annamaria Koerling, Commissioner Peter Pichler and Ms. Jennifer Carnegie (Commissioner of the Jersey Appointments Commission). The Panel considered numerous applications against the agreed criteria and shortlisted 6 candidates for interview.

The  Panel  unanimously  agreed  to  put  forward  Ms. O'Keefe  to  the  Nomination Committee of the Board as the preferred candidate for the vacancy. The Nomination Committee endorsed the Panel's recommendation to the Board that Ms. O'Keefe be recommended to the Chief Minister for appointment as a Commissioner.

The  Board  considered  the  Nomination  Committee's  recommendation  and,  on 11 July 2018, decided that Ms. O'Keefe was a suitable candidate to fill the vacancy. The Board therefore has recommended Ms. O'Keefe to the Chief Minister, to be appointed for a full 5-year term from 1 December 2018, as provided for in paragraph 1(2) of Schedule 1 to the Commission Law.

The Chief Minister accepts the recommendation of the Board and proposes to appoint Ms. O'Keefe as a Commissioner with effect from 1 December 2018.

Ms. Monique O'Keefe: biographical details

Co-founder of Kairos Wealth Limited, Jersey – an investment consultancy business  to  source  and  introduce  alternative  investments  to  sophisticated investors.

Career experience as a lawyer and in structured finance banking. Expertise in structuring  complex  financing  deals,  following  working  for  international investment banks, most recently at Goldman Sachs as a senior banker.

Contributions to the Board of Commissioners will include –

• strong understanding of financial markets and structures;
• experience  working  with  a  variety  of  organisations  spanning government, sovereign wealth funds, major financial institutions and international businesses;

• broad experience in complex finance solutions and structures in debt and equity;
• analysing strengths and risks in businesses and markets;
• experience in presenting complex information to a variety of different stakeholders;
• broad knowledge of the themes developing in digital innovation and investment;
• very good knowledge of governance;
• excellent global contacts in both finance and law;
• direct communicator with good interpersonal skills; strong reputation of integrity, openness and transparency.

Other Commissioners

Other Commissioners have been appointed until the following dates –

29 November 2018

Advocate Debbie Prosser ( Deputy Chairman)

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 Ruetimann

31 December 2020 (stepping down on 31 December 2018) Mr. Michael de la Haye, O.B.E.

18 April 2021

Mr. Ian Wright, A.C.A.

25 September 2022

Mrs. Annamaria Koerling.