The Jersey Financial Services Commission, the island’s financial
services regulator, has appointed Moya Fennoughty to the role of
Reporting to Richard Pratt, director general of the commission,
Fennoughty will be responsible for promoting its role in enforcing
regulatory standards and in co-operating with other bodies such as the
Financial Services Authority.
Prior to her appointment, Fennoughty worked for the States of Jersey
government as marketing manager in the sports, leisure and recreation
department. She also spent 15 years at Channel TV, Jersey’s local
television station, in a marketing role.
The commission was set up in July last year for two main reasons.
Firstly, the Jersey government believed that there had to be an element
of independence in order for it to be seen to be fair in its dealings
and, secondly, in order to attract the right calibre of staff. It was
felt that there was not enough experience in the existing civil service
to deal knowledgeably and confidently with high level bankers.
The commission is keen to promote its independence from the government
in a bid to win the confidence of the international regulatory community
and the international marketplace.
It has already introduced new legislation such as the development of
anti-money laundering guidance notes, proceeds of crime law, investment
business law and amendments to companies law. The previous regulatory
body, the financial services division, was a government department and
as part of its role promoted the island of Jersey which the commission
is keen to avoid.
Fennoughty replaces Rozena Neweil who recently left the commission to
set up a PR consultancy on Jersey.