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PRESS RELEASE 9 August 2006

Jersey Financial Services Commission appoints New Director General

The Jersey Financial Services Commission (the “Commission”) today, 9 August 2006, announces the appointment of John Harris as the next Director General to replace David Carse on the latter’s retirement on completion of his promised three year term of office from which the Commission, the finance industry and the Island has benefited greatly.

John Harris is currently Director – International Finance in the Chief Minister’s Department of the States of Jersey. In this role he has advised the Chief Minister, the Minister for Economic Development and the Treasury Minister on a wide range of matters including legislation and policy impacting on the regulation and the development of the finance industry where the approval of Ministers and/or the States is required. Prior to his appointment to that position in 2002 he was Chief Executive Officer for NatWest Offshore.

Commission Chairman, Colin Powell CBE, said, “we are delighted to be able to make this appointment. We are facing a period of consolidation of regulatory legislation and practice with particular emphasis on the most effective management of the Commission’s resources while continuing to deliver effective supervision of the finance industry to international standards. John comes to us with considerable management experience combined with extensive industry and public policy experience relevant to the role of the Commission.

“Working with the existing strong team of executives in the Commission we are confident that John brings to the Commission skills and experience ideally suited to the key tasks before us in the years ahead.

“We are also confident that he will build on the legacy to be left by his predecessor and maintain the existing good relationship the Commission has with the Island authorities, the finance industry and the international community.

“We welcome John very warmly to the Commission.”

John Harris Biography

As the first Director – International Finance in the Chief Minister’s Department John Harris has been responsible for all aspects of the Island’s approach to the development and maintenance of Jersey’s successful financial services industry. The principal features of this ground breaking role are:

  • Government development strategy for financial services in Jersey including fiscal strategy, education and training needs;
  • International relations including OECD and EU tax initiatives;
  • new legislation in support of finance industry needs;
  • close liaison with senior figures in Government, the Commission and the finance industry; and
  • regular representative for the Jersey Government on finance industry matters – in both domestic and international arenas.

From 1998 to 2002 he was Chief Executive Officer for NatWest Offshore with responsibility for offices in Jersey, Guernsey, Isle of Man, Gibraltar, Cayman, Bermuda and the Bahamas. He spent 22 years working for NatWest Bank during which time he held management positions in France, Switzerland and Singapore.

John Harris obtained a BA (Hons) at Exeter University and is a fellow of the Chartered Institute of Bankers. He is fluent in French and Spanish. He is married with three children.

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For further information, please contact:

Colin Powell, CBE
Chairman

Jersey Financial Services Commission

Tel: + 44 (0) 1534 822114
Fax: + 44 (0) 1534 822001
Email: c.powell@jerseyfsc.org


Notes to Editors.

The recruitment process was undertaken in accordance with the corporate governance procedures required by the Jersey Appointments Commission – a body set up by the States of Jersey to overview all senior public sector appointments. A representative of the Commission participated in the selection of the successful candidate. The position was advertised and a firm of recruitment consultants were also employed to do a target search. Over fifty candidates were considered.

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