Jersey Resolution Authority: appointment of members

STATES OF JERSEY

JERSEY RESOLUTION AUTHORITY: APPOINTMENT OF MEMBERS

Presented to the States on 5th March 2026 by the Minister for External Relations

STATES GREFFE

2026  R.35

REPORT

The Jersey Resolution Authority (the "JRA") was established in 2022 under the Bank (Recovery and Resolution) (Jersey) Law 2017 (the "Resolution Law") to prepare for and, where necessary, administer the resolution of banks in order to minimise the impact of bank failure and protect Jersey's financial stability. Further to the Bank (Recovery and  Resolution)  (Jersey)  Amendment  Law  2025,  the  JRA  will  also  assume responsibility for the ongoing administration of the Depositor Compensation Scheme.

Part 2 of the Resolution Law provides for the establishment of the Authority and appointment of Members. Articles 5 and 6, and Schedule 1 provides as follows:

5 Appointment of members of the Authority

1. The  Authority  shall  comprise  at  least  3 members  appointed  by  the Minister, at least one of whom represents the Commission.[3]
2. The  Minister  shall  designate  a  member  of  the  Authority  to  be  the Chairman.
3. The functions, powers, rights and obligations of the Authority shall not be affected by any vacancy in its membership or a defect in the appointment of any member.
4. Where no appointment is made by the Minister under paragraph (1), the Minister may appoint a States' employee, public authority or other person to discharge the functions of the Authority.
5. A person appointed under paragraph (4) shall have all the functions, powers, rights and obligations of the  Authority under this  Law and shall notwithstanding paragraphs (1), (2), (6) and (7) be deemed to be the Authority for the purposes of this Law.
6. A member of the Authority other than the Chairman, may designate a person to be an alternate member to attend, in place of the member, meetings of the Authority that the member is for any reason unable to attend.
7. When  attending  meetings  of  the  Authority,  an  alternate  member designated under paragraph (6) shall for all purposes be deemed to be a member of the Authority.

6 Terms of appointment of members and procedures at meetings of the Authority

1. Schedule 1 shall have effect with respect to the terms of appointment of members of the Authority and the procedures at meetings of the Authority.
2. Subject to the provisions of this Law, the Authority may regulate its own procedures.

1 Terms of appointment of members

(1) Subject to sub-paragraphs (2) to (6), a member shall hold and vacate office in accordance with the terms of his or her appointment.

(2) A member shall be appointed by instrument in writing for a period not exceeding 5 years and upon expiry of such period shall be eligible for re- appointment for a further period not exceeding 5 years.

3

(3) Where a member has been appointed, or re-appointed, for a period of less than 5 years, the States may extend his or her period of appointment, if the period, as extended, does not exceed 5 years.

(4) A  debate  on  whether  to  extend  a  period  of  appointment  shall  be held in camera.

(5) A member may at any time resign his or her office by giving not less than one month's notice.

(6) If the Minister is satisfied that a member –

(a) has been absent from meetings of the Authority for a period longer  than  6 consecutive  months  without  the  permission  of  the Authority;

(b) has become bankrupt;

(c) is incapacitated by physical or mental illness; or

(d) is  otherwise  unable or  unfit to discharge  the  functions  of a member,

the Minister may terminate his or her appointment.

(7) If the Minister terminates the appointment of a member the Minister shall –

(a) give  the  person  whose  appointment  is  terminated  notice,  in writing, of the termination and of the reasons for it; and

(b) present  a  report  to  the  States  informing  the  States  of  the termination  and  specifying  upon  which  of  the  grounds  in  sub- paragraph (6) the appointment has been terminated.

(8) Nothing in sub-paragraph (7) shall affect the continuance of any other appointment with the Authority held by a member.

(9) The chairman shall continue to hold appointment until –

(a) he or she resigns from that appointment by notice, in writing, delivered to the Minister; or

(b) that appointment is revoked by the Minister by an instrument in writing.

(10) The Authority may co-opt a person to attend a meeting of the Authority to give advice to the Authority on any matter relating to its functions but such person shall not have the right to vote at the meeting.

In accordance with the Resolution Law, it is intended to:

• Appoint Mr Ian Henderson with effect from 1 April 2026 until 31 December 2027, as an additional member of the JRA with a view to strengthening its capacity; and

• appoint Mr Richard Ingle be appointed to the JRA with effect from 31 October 2026 for a period of five years, as a replacement for Ms Monique O'Keefe upon the  conclusion  of  her  appointment  to  the  JRA  30  October  2026,  this appointment  linked  to  her  appointment  as  a  commissioner  for  the  Jersey Financial Services Commission.

R.35/2026

States of Jersey (Appointment Procedures) (Jersey) Law 2018

In accordance with Article 2 of the States of Jersey (Appointment Procedures) (Jersey) Law 2018, the Minister gives 2 weeks' notice to the States Assembly of his intention to make this appointment.

Biographies

Mr Ian Henderson

Ian has served on the Board of the Jersey Bank Depositors Compensation Scheme since September 2020, during which he has overseen key operational developments, including the establishment of the Single Customer View (SCV) testing regime. He is currently Chair of Fairway Group and a nonexecutive director of Fairway Fund Services.

With over 40 years' experience in financial services, Ian has held senior roles across banking, fund services, alternative investment funds and trust companies. His previous positions include Managing Director of RBSI Custody Bank and Global Head of Funds at EFG.

Richard Ingle

Richard brings extensive financial services experience, having recently retired from his role as Group Chief Risk Officer at JTC Group Holdings Ltd. From 2010 to 2019, he served as Chief Executive Officer of Standard Chartered Bank in the Channel Islands.

His  earlier  career  includes  senior  roles  at  J.P.  Morgan  as  Head  of  Risk Management and Compliance, and three years at the UK Financial Services Authority as a Senior Supervision Officer..

Proposed Board

The proposed Members of the JRA will be–

Mr Mike Mitchell – Chair

Ms Katherine Hitchins – Deputy Chair

Ms Monique O'Keefe – to be replaced by Mr Richard Ingle with effect from 31 October 2026

Ms Jill Britton – representative of the Jersey Financial Services Commission. Mr Ian Henderson – from 1 April 2026

Financial and Resource Implications

The members of the JRA are remunerated through an annual administration levy on Jersey banks. There are no other resource implications.