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Press Release - 28 May 2004

Restructuring of the Commission

The Jersey Financial Services Commission ("the Commission") today announces changes in its structure.

Under the new structure, the Commission will be organised to a greater extent along industry lines.

This will be done by forming four new industry Divisions from the current Compliance, Authorisation and Insurance Divisions. The four industry Divisions will cover:

  • Banking
  • Securities (including Funds and Investment Business)
  • Trust Companies
  • Insurance

Each of the Divisions will be headed by an Executive Director who will be responsible for regulatory and supervisory oversight of their respective industry sectors. The Directors will also be responsible for delivering regulatory and supervisory policies for those sectors. They will be assisted in this by a new Research and Development Unit.

The four Directors will report to the Deputy Director General who will have overall responsibility for co-ordinating their activities, including policy development.

Other Divisions of the Commission, including Enforcement and the Registry will report directly to the Director General. This will also include a new Risk Unit which will be responsible for risk management, quality assurance and internal audit.

The new structure will involve the creation of two new Director posts. But this will be offset by the deletion of the current Director, Authorisation post and of other vacant posts.

The changes will therefore be self-financing and will not result in an increase in headcount with the exception of a junior post in the Registry.

"The new structure will provide a greater industry focus to the Commission's work, promote greater industry expertise within the Commission and lead to greater cohesiveness in its policy-making." said David Carse, Director General of the Commission. "The Directors of each of the Divisions will be expected to play a key leadership role on matters relating to their respective industry sectors".

The new structure is expected to be implemented in July of this year. Some of the new positions will be filled by internal redeployment within the Commission. Other positions will be advertised, both internally and externally, in the near future.

A chart of the new structure is attached. Please click here Pdf Document(16k)

For further information please contact:

David Carse
Director General
Jersey Financial Services Commission

Telephone: +44(0) 1534 822011
Facsimile: +44(0) 1534 822001
Email: l.johns@jerseyfsc.org

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