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JERSEY FINANCIAL SERVICES COMMISSION: APPOINTMENT OF COMMISSIONER _______________
Lodged au Greffe on 3rd November 1998 by the Finance and Economics Committee
______________________________
STATES OF JERSEY
STATES GREFFE
175 1 9 9 8 P . 2 2 2
Price code: B
PROPOSITION
THE STATES are asked to decide whether they are of opinion -
in p u r s uance of Article 3 of the Financial Services Commission (Jersey) Law 1998, as amended, to appoint Mr.
Richard Pratt as a Commissioner of the Jersey Financial Services Commission for a period of three years with effect from 1st January 1999.
FINANCE AND ECONOMICS COMMITTEE
REPORT
The appointment of Commissioners to the Jersey Financial Services Commission is dealt with in Article 3 of the Financial Services Commission (Jersey) Law 1998. Paragraph (1) reads as follows -
"( 1 ) The Commission shall consist of -
( a) a Chairman who shall be a member for the time being of the Committee [the Finance and Economics
Committee]; and
(b ) not less than six other Commissioners.". Paragraph (1A) reads as follows -
" (1 A ) The Commissioners shall be appointed by the States from persons nominated by the Committee and
such appointments shall be debated in camera.".
Paragraph (2) states -
"( 2 ) 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 ) in dividuals 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.".
The Finance and Economics Committee wishes to nominate the following person for appointment by the States - Richard Pratt
fr o m 1 2 th October 1998 became Director General designate of the Jersey Financial Services Commission. He will
take over as Director General on 1st January 1999, on the retirement of Mr. Richard Syvret.
A full CV is attached at Appendix A.
As it is considered inappropriate that Commission appointments should terminate at the same time, this initial appointment will be for three years ending on 31st December 2001. Other Commissioners have been appointed for the following periods -
U n t il 3 1 st May 2001, subject to continued membership of the Finance and Economics Committee - Se n a to r Fr a n k Harris on Walker
U n t il 3 0 th November 1999 -
R ic h a r d C h a rle s Ahier Syvret Ju r a t J o h n C la ude Tibbo
A n d r e w W in c kler
U n t il 3 1 st May 2001 -
A d v o c a te J u lia n Anthony Clyde-Smith R ic h a r d J o h n Pirouet
G e o f fr e y C o lin Powell, OBE
By virtue of Article 4(1) of the Financial Services Commission (Jersey) Law 1998, all Commissioners are required to take oath before the Royal Court in the form set out in Part I of the First Schedule to the Law before they begin to act in execution
of the Law.
APPENDIX A
NAME: RICHARD PRATT
DATE OF BIRTH: 3.11.49 (48)
NATIONALITY: British
MARITAL STATUS: Married, 1 child
EDUCATION AND QUALIFICATIONS
1959 - 1966 Eltham College, Mottingham
1969 - 1972 University of Bristol
BSc (Hons) Economics and Politics
1972 - 1973 London University
MA African Area Studies 1996 London Business School
Senior Executive Programme
CAREER HISTORY
1973 - 1975 HM Treasury and other Departments
Trainee Posts
1975 - 1976 Press Officer to the PM Harold Wilson
1976 - 1977 Private Secretary to the Lord Privy Seal, Fred
Peart
1977 - 1980 Negotiation of Civil Servant Pay with Trade
Unions
1980 - 1982 Department of Employment, management and
development of employment subsidy schemes
1982 - 1984 1984 - 1986 1986 - 1987
1987 - 1990 1990 - 1993 4/1993 - 10/1993 1993 - 1995 1995 - 1998
Expenditure control for Northern Ireland Project Manager of the Budget Statement
Control of United Kingdom public expenditure and cash limits
Head of Embassy Economic Department Washington DC
HM Treasury
Head of European Community Division One
Department of Social Security
Secondment to Peter Lilley, Secretary of State
HM Treasury
Head of Securities and Investment Services Team
LIFFE
Director of External Affairs