This content has been automatically generated from the original PDF and some formatting may have been lost. Let us know if you find any major problems.
Text in this format is not official and should not be relied upon to extract citations or propose amendments. Please see the PDF for the official version of the document.
JERSEY FINANCIAL SERVICES COMMISSION: APPOINTMENT OF COMMISSIONER _______________
Lodged au Greffe on 2nd April 2002 by the Finance and Economics Committee
______________________________
STATES OF JERSEY
STATES GREFFE
150 2 0 0 2 P . 4 7
Price code: B
PROPOSITION
THE STATES are asked to decide whether they are of opinion -
in p u rs 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 with effect from 1st May 2002 until 11th October 2003.
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, as amended. Paragraph (1) reads as follows -
"( 1 ) The Commission shall consist of -
(a ) a Chairman; and
(b ) n ot less that six other Commissioners.".
Paragraph (1A) reads as follows -
"( 1 A ) The States shall appoint -
(a ) th e Commissioners from persons nominated by the Committee; and
(b ) a Commissioner nominated by the Committee to be Chairman of the Commission, and the appointments shall be debated in camera.".
Paragraph (2) states -
"( 2 ) The Commissioners shall include -
(a ) p ersons with experience of the type of financial services supervised by the Commission;
(b ) r egular 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
Mr. Pratt became Director General of the Jersey Financial Services Commission from 1st January 1999, having been appointed Director General designate on 12th October 1998. He was appointed Commissioner as from 1st January 1999.
A full CV is attached at the Appendix to this Report.
As Mr. Pratt's contract as Director General will terminate on 11th October 2003, it is proposed to extend his appointment as a Commissioner through until that date so that both will terminate at the same time.
Mr. Pratt's term of office as a Commissioner came to an end on 31st December 2001, since the term of any Commissioner is limited to three years by law. Largely as a result of this inconsistency between his contract as Director General and his term of office as a Commissioner, the Commission omitted to propose his reappointment before his term of office expired. The Commission has apologized for this oversight. The Board of Commissioners would, in any case, have expected Mr. Pratt to attend Commission meetings in his capacity as Director General. The Board has reviewed the decisions made since 1st January 2002 to satisfy itself that they should stand.
Other Commissioners have been appointed until the following dates -
3 0 th N o vember 2002
A n d r e w W in c kler Jo h n T ib b o
Fr a n c is H a m o n
Sc o tt D o b b ie
3 1 st M a y 2004
C o lin Po w e ll
R ic h a r d P ir o u et E rik M u s c h
2 n d O c tober 2004
Ja c q u e li n e R ic homme.
By virtue of Article 4(1) of the Financial Services Commission (Jersey) Law 1998, as amended, 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(52)
NATIONALITY: British
MARITAL STATUS: Married, one 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 H.M. Treasury and other Departments
Trainee Posts
1975 - 1976 Press Officer to the P.M. Harold Wilson 1976 - 1977 Private Secretary to the Lord Privy Seal, Fred
Peart
1977 - 1980 Negotiation of Civil Service Pay with Trade
Unions
1980 - 1982 Department of Employment:
management and development of employment subsidy schemes
1982 - 1984 Expenditure control for Northern Ireland
1984 - 1986 1986 - 1987
1987 - 1990 1990-1993 4/1993 - 10/1993 1993-1995
1995 - 1998 1998 - present
Project Manager of the Budget Statement
Control of U.K. public expenditure and cash limits
Head of Embassy Economic Department Washington D.C.
H.M. Treasury
Head of European Community Division One
Department of Social Security
Secondment to Peter Lilley, Secretary of State
H.M. Treasury
Head of Securities and Investment Services Team
LIFFE
Director of External Affairs
Jersey Financial Services Commission Director General