The Jersey Financial Services Commission has announced the appointment of three new Directors taking up their respective positions currently or in the near future.
These appointments fill positions arising from
1. the departure from the Commission of two Directors in late 2012 and
2. the recent retirement of Nigel Woodroffe, the Chief Financial Officer of the Commission, on 2 May 2014, after 18 years with the organisation.
At the same time, the opportunity has been taken to use the new appointments to refine the Commission’s organisational structure commensurate with the skills and backgrounds of the successful candidates from a structured recruitment process.
This has involved:
1. The creation of a single Policy and Strategy Division to build and concentrate expertise in this increasingly critical area of the Commission’s activity, reflecting the large scale of regulatory development globally post the financial crisis and the many demands this places on successful but resource constrained financial services jurisdictions such as Jersey.
2. The amalgamation into a single Divisional responsibility at Director level for Funds Services Business (including Funds Authorisation) and Trust Company Business (“TCB”).
a. This recognises strong cross-overs between these business sectors with many licence holders within Industry active in both sectors and shared supervisory responsibilities arising, including the need for enhanced information sharing and the fostering of natural synergies between the two previously separate Supervisory Divisions.
3. The formal creation of a Chief Operating Officer post, amalgamating responsibility under a single Director for a wide range of functions within the Commission comprising
a. finance,
b. Commission secretariat,
c. supervisory and non-supervisory operational platforms,
d. information technology,
e. facilities management and,
f. over time, a focus on transformational infrastructure and interface development, both internally within the Commission and in its relationship with Industry.
For these important new posts, the Commission is pleased to announce the following three additions to its ranks:
1. Director, Policy and Strategy – with effect from 14 April 2014 – Charles Ilako
a. Charles joins the Commission following a career with over 25 years in financial services as a national and international regulatory specialist.
b. This comprises 17 years as a Partner of PriceWaterhouseCoopers (“PWC”) where Charles specialised in the Financial Services Regulatory Practice, based in both London and Brussels.
c. Post PWC, subsequent positions were then held by Charles as Executive Director – Strategy at the UK Pensions Regulator,
d. as a Senior Advisor to the UK Financial Services Authority and
e. to BNP Paribas as Senior Adviser to the Executive Committee.
2. Director, Funds and TCB – with effect from 1 May 2014 – John Everett
a. John is a public policy professional and specialist in financial services regulation with the bulk of his career spent at the UK Financial Services Authority (“FSA”) and more recently at the successor body – the Financial Conduct Authority (FCA).
b. His time within the FSA has taken in several high profile roles including
- 5 years heading the Investment Funds Team (including funds policy and authorisation) and
- a number of assignments representing the FSA internationally within multi-national standard setters such as IOSCO and ESMA.
- John has additionally undertaken work in Financial Promotions, Compensation Scheme interface issues and post-crisis reform amongst others.
3. Director / Chief Operating Officer – with effect from 1 June 2014 – Mike Jeacock
a. Mike has had a 39 year career as a Manager and Director in operational management in two UK banking groups with,
b. subsequently, 3 further posts in UK regulatory authorities.
- He spent 7 years at the Legal Services Commission as Executive Director, Service Delivery;
- 5 years as Chief Operating Officer / Executive Director of Transformation Programmes at the Solicitors Regulation Authority; and,
- most recently, as Chief Operating Officer of OFQUAL – the UK educational qualifications regulator.
c. Throughout his extensive career Mike has often been given responsibility for wide-ranging and strategically significant change and transformation programmes within his differing work environments.
Commenting on the appointments and the new organisational structure John Harris, Director General of the Commission, said:
- “I am delighted that the Commission has been able to recruit three such high-calibre and successful people in Charles, John and Mike to add to its existing strong Executive group.
- They bring highly relevant skills and experience from multiple, different, but challenging operating environments of national prominence in the regulatory field, and we clearly have great confidence that they will be able to bring these attributes to bear for the Commission and for the Island as a whole.
- They enable us to restore the Executive Director posts to the same number as previously, but in a way tailored to the demands and, we hope, benefits of a refreshed organisational structure and focus.”
John Averty, Acting Chairman of the Commission, added:
- “I am extremely pleased that Charles, John and Mike have joined the Commission and the Board of Commissioners looks forward to working with them in their respective roles at this demanding but highly important time in regulatory affairs, both globally and in the Jersey context.”
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