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Gillian Browning has been appointed to replace Mr Philip Marr who is retiring as Director of the Fiduciary Supervision Policy and Innovations Division.
The Commission’s Director General, William Mason, said “I am delighted to be able to welcome Gillian to the Commission as one of our Directors. She has considerable experience in the field of financial services regulation in both policy development and supervision and her extensive skills and experience will be a considerable asset to the Commission.”
Gillian joined the Commission from the UK Financial Conduct Authority (FCA) where she supervised a wide range of financial institutions including, most recently, large retail banks. She has significant experience of authorisations decision-making and played a leading role in the Financial Services Authority’s ‘difficult cases’ team. Gillian joined the Financial Services Authority from the Cabinet Office, where she was a Minister’s Private Secretary and Policy Officer. Gillian graduated from Exeter University where she read History and Politics.
The Commission has also announced that Philip Marr has been appointed to the part-time role of Commission Economist. In practice this will be a portfolio role drawing on Mr Marr’s extensive regulatory experience where he will also monitor, and contribute to, financial stability issues, participate in Risk Governance Panels and be available to discuss early stage innovation ideas. Mr Mason commented “The Commission has an ongoing requirement for expertise in economic analysis and advice and Philip is ideally placed to provide that. He holds a postgraduate degree in Economics, was Economic Adviser to the government of Bermuda from 1974 to 1977 and an Adviser to the Bahrain Monetary Agency from 1982 to 1984.”
An internal reorganisation has also been undertaken which will see responsibility for ‘Innovations’ moving to the Fiduciary Division which will henceforth become the ‘Fiduciary Supervision Policy and Innovations Division’. Mr Mason explained “Innovation is important to Guernsey. The Commission is, alongside others, working to keep up to date with new developments in financial product innovation so it is able to respond positively to new, credible ideas being presented by industry.
Mr Mason continued “We are refining our innovations ‘offering’ as well as our approach to engaging with industry and introducers so that we can exchange best practice as easily as possible on innovative ideas and related regulatory matters which firms must consider if their proposals are to be successful. The Commission is looking forward to hosting a workshop for industry representatives in the Autumn where the Commission’s role and expectations in relation to innovative ideas will be explored and feedback sought.
