The FSC has today announced that, following the introduction of the Financial
Services Commission Act, it has undertaken major changes to its
internal structure. Marcus Killick, previously Commissioner and
Chairman, is to undertake the new role of Chief Executive (superseding that of
Commissioner). In line with good corporate governance principles he is
stepping down as Chairman. The new non-executive Chairman will be Brian
Hilton CB. Mark Boleat becomes senior independent member on the retirement
of Dr Oonagh McDonald.
Mr Hilton is currently a Director of a number of UK financial services
companies, including Pool Re and Pool Re (Nuclear) reinsurance companies and
First On demand, an innovative technology start-up
company. He was formerly Director General of the Department of Trade and
Industry in the UK responsible for Corporate and Consumer Affairs, including
Competition Policy and Corporate Governance.
The new chairman paid tribute to Mr Killick, saying his four years at the helm
had been one of the most successful in the Commission's history, culminating in
the recently released IMF report. He added " what is particularly impressive is
the manner in which he has led the Commission through these improvements in
corporate governance and his commitment to ensuring that the roles of CEO and
Chairman were established as best corporate governance practice".
Marcus Killick welcomed Mr Hilton's appointment. "I am delighted that
Brian is assuming this role. His help in the process of change has been
invaluable and I look forward to continuing to work with him in the future".
In addition to these changes a new combined division, known as Fiduciary and
Enforcement, has been created.
Albert Yome, until now Manager, Enforcement, assumes the role of Manager of the
new division, which is headed by Kieran Power.
The division will retain its responsibility for the supervision of fiduciary
services providers, such as company managers and professional trustees. It will
also assume responsibility for the enforcement of financial services laws,
international cooperation and cooperation with local law enforcement agencies,
as well as overseeing the processing of due diligence checks performed upon
individuals and companies seeking authorisation to carry on financial services
business.
The Fiduciary and Enforcement division is also responsible for the licensing and
supervision of Occupational Pensions Institutions, and is expected to take on
the supervision of Money Services Businesses, which will include money
transmission services and bureaux de change in the near future.
Speaking after the changes were announced, Kieran Power said, " These changes
take place at a time when the work of the FSC is expanding and developments
within the financial services industry are flourishing. I look forward to
the new challenges and opportunities that will come with this expansion. I
have no doubt that Albert will assist me, together with the rest of the team, in
maintaining these standards".
Albert Yome added, "I am delighted to be joining Kieran and the team, whilst
taking on additional responsibilities within the FSC."
In a related appointment, the FSC's Nicholas Azopardi is the new secretary to
the Auditors Registration Board (ARB).