Reporting to the economic development minister, senator Alan Maclean, Moynihan will provide advice to Jersey ministers on all aspects of financial services policy.
Moynihan replaces Martin de Forest Brown who left the position in August this year.
In a government statement, the States of Jersey said one of Moynihan’s main tasks will be to develop a new financial services strategy for the island. Working with Jersey’s financial marketing and regulatory bodies, the government said he will be responsible for “helping to ensure that the financial services sector remains globally competitive, develops new products in new markets and maintains the high international standards for which Jersey is renowned”.
The government said his key activities will be:
- To lead the process of developing and implementing a strategic plan for the development of the Island’s financial services industry to the end of the decade and beyond
- To play a key role in responding to international initiatives and challenges and work with other stakeholders to enhance Jersey’s reputation as a quality international finance centre
- To lead on articulating and communicating government policy relating to international matters which bear on the financial services industry
- To provide advice to Ministers on legislative proposals
- To lead and manage the government financial services team
“One of his tasks will be to coordinate the process of developing new laws,” said Maclean. “As global competition continues to intensify, we will need to respond quickly with new products, some of which may require legislation before they can be brought to market.
“A coordinated approach will help us move promptly into new markets, ensuring the continued success of the industry that generates significant employment opportunities for Islanders.”
As reported, AIB is due to close its Jersey and Isle of Man operations at the end of December 2013. This includes AIB Bank (CI) Limited and AIB International Savings Limited.
