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Press Release - 21 May 2003

REFILLING THE POSITION OF DIRECTOR GENERAL

The Board of Commissioners of the Jersey Financial Services Commission has today started the process of refilling the position of Director General when the period of contract of the present holder of the post is completed in October of this year. In doing so the Board will be assisted by a UK firm of recruitment consultants.

This process will conform with the corporate governance standards now applied widely throughout regulatory and corporate sectors, and which the Jersey Appointments Commission - whose remit extends to the Financial Services Commission - has also requested should be followed. The position therefore has been put out automatically to open competition.

The present Director General in whom the Board has always had total confidence has been invited to apply but to the great regret of the Board he has decided not to do so. The Board would wish to take this opportunity to express their appreciation of the role performed by the Director General during his term of office. The international reputation of the Island as a well regulated quality finance centre owes a great deal to his expertise, intellectual capacity, commitment and drive.

Note to editors
For further information contact the Chairman of the Financial Services Commission, Colin Powell, on 822084; or the Deputy Chairman, Richard Pirouet, on 878884.

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