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The Jersey Financial Services Commission (JFSC) has announced the appointment of Andrew Garbutt as Head of Supervisory Risk within its Supervision Division.
Mr Garbutt, who has worked in regulation in the UK for more than ten years, will be responsible for heading up the JFSC’s new Supervisory Risk Unit, which has been established as part of the Commission’s revised approach to supervision. He and his team will be tasked with identifying the risks that exist in the financial sector and the ways in which the JFSC can best address them.
Mr Garbutt spent the majority of this career at the Solicitors Regulation Authority (SRA) as Director of Risk, where he designed an approach for all levels of risk assessment for more than ten thousand UK law firms. His work for building risk management capability was highly commended by the Institute of Risk Management at their 2014 Global Risk Awards.
Director General John Harris said: “We are delighted that Andrew has joined the team in this new role. His experience of designing and delivering risk-based approaches to regulation in the UK will be hugely beneficial for the Commission as we embrace an increasingly risk-based methodology for supervision, allocating resources to areas or firms locally that we identify as higher risk.”
Mr Garbutt added: “It is an interesting and exciting time to join the JFSC. I am looking forward to working with a new team to develop the JFSC’s improved risk-based approach to supervision and to getting involved with the programme of changes that are currently being implemented at the Commission.”
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