Admired Jersey regulator steps down
Mark Sumner, director of supervision and risk at the Jersey Financial Services Commission (JFSC), is to retire, the regulator announced today.
A year later, in 2004, he became director of the banking division, and is credited with significant advances in the regulation and supervision of Jersey’s banks, which led to a highly positive IMF assessment report in 2008.
Sumner is also said by colleagues to have helped the island manage “without major impact” the global financial crisis at that time.
Writing in The Times last month, director-general of the pro-free market think tank Institute of Economic Affairs (IEA) Mark Littlewood praised Jersey’s banking reforms.
The bailiwick’s skill and experience in negotiating deals with the EU over the years means that Jersey could show the way to the rest of the UK as a role model for life outside the Union, said Littlewood.
“Once we have finally extracted ourselves from the EU, it could play a more important role in our national life by providing a lesson in how a prudent, low-tax economy can generate growth and wealth,” he added, citing approvingly Jersey’s example.
Sumner will leave his post in April 2018, after which time he is considering business options and charitable work, he said.