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Financial Services Advisory Board (FSAB) Risk Review Monitoring Team: Funding

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made (30.07.2009) to approve the transfer of £75,000 to International Finance, Chief Minister's Department.

Decision Reference:  MD-E-2009-0130 

Decision Summary Title :

Funding for Financial Services Advisory Board (FSAB) Risk Review Monitoring Team

 

Date of Decision Summary:

21 July 2009

Decision Summary Author:

 

Finance Industry Development Executive

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Oral

Person Giving

Oral Report:

Finance Industry Development Executive

 

Written Report

Title :

n/a

 

Date of Written Report:

n/a

Written Report Author:

n/a

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

SD1 is exempt from public disclosure under para. 3.2.1(a)(ix)

Subject:    

 

Funding for Financial Services Advisory Board (FSAB) Risk Review Monitoring Team

 

Decision(s):

 

The Minister approved the transfer of £75,000 to International Finance, Chief Minister’s Department in order to fund the FSAB Risk Review Monitoring Team.

 

Reason(s) for Decision:

 

The Financial Services Advisory Board (“FSAB”), comprising senior representatives of Jersey’s Government, the Jersey Financial Services Commission and the island’s finance industry, considers that having comprehensively considered the risks facing Jersey’s finance industry and with certain mitigation actions launched following the Risk Review, it is now priority to set up a monitoring team to allow FSAB to consider and prioritise mitigating actions as appropriate.  The proposed Terms of Reference are attached as Supporting Document 1 (SD1 - is exempt from public disclosure under para. 3.2.1(a)(ix)).  The estimated total costs for the three month contract for a monitoring team of two are £75,000. 

 

 

Resource Implications:

 

This is a self contained project with a one-off cost to the Department of Economic Development of £75,000 in 2009.   Any resultant recommendations for further or continuing spend will be considered separately at the completion of the project.

 

Action required:

 

£75,000 to be transferred to Chief Minister’s Department immediately. 

 

Signature:   Senator A.J.H.Maclean

 

 

Position: Minister for Economic Development

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

 

 

 

 

 

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