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Press Release - 4 September 2003

Jersey Financial Services Commission Appoints New Director General

The Jersey Financial Services Commission (JFSC) today, 4th September 2003, announces the appointment of David Carse OBE as Director General. He will take up the post on Monday 3 November 2003.

David Carse (56) is currently Deputy Chief Executive for the Hong Kong Monetary Authority, which he joined in 1993. Prior to that he was Commissioner of Banking in Hong Kong from 1991, following 20 years at the Bank of England. He has had extensive experience in financial regulation and supervision.

JFSC Chairman, Colin Powell, said: "David comes to us with a considerable reputation in international regulation and has very specific experience of the kind of opportunities and challenges which we face in Jersey."

"Hong Kong has a financial services environment which has many parallels with Jersey and while there he worked closely and successfully with industry and government. During his career he has established very effective working relations with other regulatory authorities and international organisations."

"We welcome him very warmly and are very confident that he will build on the solid foundations laid for the Commission by the present Director General, Richard Pratt."

David Carse Biography

As Deputy Chief Executive for the Hong Kong Monetary Authority, David Carse took responsibility for the full range of regulatory, supervisory and policy issues relating to the banking industry in Hong Kong. He went to Hong Kong as Commissioner of Banking in 1991, on secondment from the Bank of England, and became Deputy Chief Executive for the Hong Kong Monetary Authority in 1993. He spent 20 years at the Bank of England during which time he held a variety of positions within the Economic Intelligence Department, the Overseas Department and the Chief Cashiers Office before moving into Banking Supervision.

David Carse obtained a M.A. (Hons) at Edinburgh University in 1969 and a Diploma in Economics at the University of East Anglia in 1974. He is married.

For further information contact:

Colin Powell
Chairman of the Commission
Jersey Financial Services Commission

Telephone: +44 (0) 1534 822114
Email: c.powell@jerseyfsc.org

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