Message from the Chair of the Financial Services Authority

As many of you know, late last year our Chief Executive, Karen Badgerow, announced that she would be leaving the Authority and returning to Canada. Shortly following that, the Board, with the assistance of Saxton Bampfylde, commenced a search for the next Chief Executive. Following a rigorous process the Board has selected the successful candidate. We are still working through the final details to confirm the new Chief Executive’s start date and I look forward to providing a more fulsome update on the individual in due course. I am able to confirm that the candidate has deep seated international regulatory experience, including in the area of innovation. The Board is delighted with its selection and are confident that they will be an excellent fit with the Authority’s culture and Island’s business environment.

Karen, when tendering her resignation back in December, indicated her desire to return to Canada at the end of July and we are keen to support her with this transition. In the intervening period and until the arrival of the new CEO, I am pleased to announce the Board appointment of Colin Manley as interim Chief Executive. Colin will commence this role on August 2^nd and will remain in situ until the new CEO arrives, which we expect will be before year-end 2021. Colin in his current role with the Authority as Head of Division (Insurance, Pension and Fiduciary Services) will be known to many of you and we are confident that he will bring the same passion and commitment to this interim role.