Industry update

JFSC Announces Board Changes

The Jersey Financial Services Commission (JFSC) has announced changes to its Board.

The JFSC has announced today the appointment of two new Commissioners, Megan Butler and John Laurens, the retirement of the Chair, Mark Hoban, and the proposed re-appointment of the Deputy Chair, Monique O’Keefe, for a further term.

 

Two new Commissioners

The JFSC is pleased to announce the recent appointments of two new Commissioners to its Board. Megan Butler and John Laurens both assume their new roles with immediate effect for a five-year term, following the swearing-in proceeding by the Royal Court on 2 June 2023.

Both appointments have been made through an open and transparent process and follow a review undertaken by the JFSC in 2022 that focused on ensuring its Board could demonstrate a mix of skills and experience to support its long-term future development. The two board appointments are part of an on-going succession plan to refresh the board due to the upcoming retirement of Commissioners.

Megan Butler has worked at the most senior regulatory levels in the UK, including as Executive Director at the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), and other industry Boards over a career spanning three decades. In particular, she led the FCA’s workstream on anti-money laundering and was chosen to lead the firm facing regulatory response to some of the most complex problems in recent financial services history, from the Euro crisis to Brexit and COVID-19.

John Laurens is a recognised leader within the banking sector with nearly three decades of international experience, during which time he has built and led large-scale corporate and transaction banking businesses. He is a specialist in digital banking with specific expertise in transformational platforms, customer journeys, data and design thinking and was previously Group Head of Global Transaction Banking of DBS and a former non-executive director of SWIFT.

 

Retirement of the Chair

The Chair of the JFSC, Mark Hoban, will retire from the Board following the conclusion of his five-year term at the end of October 2023.

Mark Hoban was appointed as a Commissioner in 2018 and as the Chair of the Board in 2020. He has successfully led the team through a time of significant change, working closely with Deputy Chair Monique O’Keefe and the Director General Jill Britton. After careful consideration and in consultation with the JFSC Board and Government, Mark will conclude his position as Chair and will not stand for a second term on the Board for the next four years.

The recruitment process is now underway for a new Chair of the Board. The recruitment will be made through an open and transparent process over the coming months, with oversight from the Jersey Appointments Commission.

Mark will continue to implement the strategic direction for the next four months ahead of a new Chair taking up the role whose responsibility it will be to devise the strategy with the Board for the period 2025 to 2029. Mark remains fully committed to the role of Chair for the remainder of his tenure, which finishes on 30 October 2023, and in particular to supporting and participating in the Island’s upcoming MONEYVAL assessment. The MONEYVAL onsite is scheduled to commence on 27 September 2023 for a three-week period.

 

Re-appointment of the Deputy Chair

Monique O’Keefe has been nominated to Deputy Elaine Millar, Assistant Chief Minister with responsibility for financial services, for a second term. Deputy Millar will lodge a Report to the States Assembly confirming her intention to appoint Monique for a further term and so provide valuable continuity and experience on the Board. Monique was first appointed as a Commissioner in 2018 and became Deputy Chair in 2021.

 

Mark Hoban, Chair of the JFSC, commented:

“We remain acutely aware of the need for Jersey to show leadership when it comes to regulation and oversight – not just this year but in the longer term too, as the international financial services landscape continues to evolve at pace. With that in mind, I’m delighted to welcome both Megan and John to the Board of Commissioners. They bring considerable experience as well as diverse and extremely high-calibre expertise to our team, which will prove invaluable as we continue to position the JFSC as a leading regulatory body that is fit for the future.

“It has been an honour to serve as Chair of the JFSC since 2020 and I thank the entire team for their hard work and dedication. Now is the right time to pass on the baton so the new Chair can devise and implement the next four-year strategic plan in 2025. Under the leadership of Jill Britton, the Director General, the incoming Chair, and the Board, I am sure the JFSC will continue to do an excellent job and ensure Jersey’s strength and reputation as a leading financial centre.”

 

Jill Britton, Director, General of the JFSC, commented:

“It has been an absolute pleasure to work with Mark over the past five years and I extend my heartfelt thanks to him. He has led the JFSC through a period of transformation – putting combating financial crime at the centre of our operations and championing the digitalisation of Jersey’s financial services sector. Both achievements, plus the many more during his tenure, will continue to safeguard and promote Jersey’s position as a leading financial centre long into the future.” Jill continued, “I am thrilled that Megan and John have joined the Board of Commissioners and Monique has indicated her willingness to stay on for a second term as Deputy Chair. Their skills and insight will support the team, industry and government as we work together to ensure our island is known for its first-class reputation as a well-regulated international finance centre.”

 

Deputy Elaine Millar, Assistant Chief Minister with responsibility for Financial Services commended Mark for his service, that will continue for the next four months, saying:

“Mark has played an instrumental role for the JFSC and for the island over the past five years. On behalf of the Government of Jersey I would like to thank him for his unwavering dedication and commitment serving firstly as a Commissioner for two years, and then as Chair for a further three. Mark has used his excellent leadership skills to lead the JFSC through a time of significant change, notably through the pandemic and our response to the War in Ukraine, he has also driven the digital agenda of the regulator and set strong foundations for our MONEYVAL assessment. Mark leaves the JFSC in a position of strength, with a robust team in place, and we wish him every success for the future.”

She went on to speak highly of the two recent new appointments to the Board and of the Deputy Chair, Monique O’Keefe, indicating her willingness to serve for a second term in her role, commenting:

“Megan Butler and John Laurens bring a wealth of experience and knowledge to the Board and I am delighted that they have taken up the roles of Commissioners. Their appointments, as well as Monique O’Keefe’s willingness to serve for a second term as Deputy Chair, will undoubtedly continue to strengthen the JFSC as it continues to evolve as a regulator and support Jersey’s continued success as a well-regulated and internationally co-operative financial centre. I very much look forward to working with them, the Board and the team at the JFSC over the coming months and years ahead.”