Jersey financial services kingpin to quit for private sector

Jersey financial services kingpin to quit for private sector

A senior civil servant responsible for helping establish Jersey’s financial services policy structure, has announced that he is due to move into the private sector, just weeks after caught up in a row over business flight costs.

Joe Moynihan, director of financial services for Jersey States and a key figure for his work the Jersey Financial Services Commission, has said the he will be leaving his post later this year, to pursue a career with an as yet unannounced firm in the international financial services private sector.

In the last three years Moynihan has helped set up and led the Financial Services Directorate, which works alongside the financial services industry to try to boost Jersey’s position as a financial services jurisdiction.

The announcement of Moynihan’s departure comes a fortnight after he was named as one of four civil servants who between them spent more than £220,000 of taxpayers’ money over the past five years on business flights around the world. The Jersey Evening Post published a story highlighting that The JEP reported that he had spent a total of £57,060, including £6,610 on a trip to Sao Paulo and Lima last year and £6,544 on a 2013 return trip to New York.

Jersey States chief minister, senator Ian Gorst, said: “Mr Moynihan was responsible for our first financial services policy framework. The policies outlined in this framework are vital to the future of the industry which provides significant local employment and funding for public services.

“Mr Moynihan has improved the financial services legislative process. His significant industry experience has provided ministers with invaluable support on key policy issues and strategic decision making to help us with the political challenges we face.”

Moynihan said: “My key task was working with Jersey Finance and Jersey Financial Services Commission to implement the recommendations of the McKinsey review of the financial services industry.

‘Reasons for leaving are entirely personal’

“Over the past three years we have seen growth in employment numbers in a more diversified financial services industry. I am confident that this will continue. My reasons for leaving are entirely personal. I was approached for this exciting opportunity abroad at the start of the year.”

Jersey States said that the recruitment process for its new director of financial services will begin shortly and that “details of Mr Moynihan’s new role are not being announced at this time”.

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