States’ Financial Services Director leaving job

Wednesday 27 April 2016

The States’ Financial Services Director, Joe Moynihan, is leaving his £200,000 per year job to go back to the private sector.

The States’ Communications Unit has confirmed that there is going to be no “golden handshake” exit payment.

Mr Moynihan, who joined the States in 2012 from the role of Chief Executive Officer of AIB Jersey, has been praised by Chief Minister Ian Gorst and Assistant Chief Minister Philip Ozouf for his work, particularly in establishing a policy framework for the financial services sector and in representing the Island abroad.

Last week he was caught up in the running story about travel costs of senior civil servants when it emerged that he had spent £6,610 on a flight to Sao Paulo for a conference in 2015, and £6,544 on a flight to New York in 2013 for an IMF/World Bank meeting.

In a statement yesterday, Mr Moynihan said that he had been approached for an “exciting opportunity abroad” at the start of the year.

He 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.

“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, given the breadth and depth of talent, experience and expertise in the industry and the strong government support.”

Since January, Mr Moynihan’s job title has been “Chief Officer – Competition, Digital, Financial Services and Innovation”.

A 2013 report by the States Employment Board said that his salary at the time was between £180,000 and £200,000.

A recruitment process for a new Director of Financial Services is set to begin shortly.

Senator Gorst paid tribute to Mr Moynihan’s achievements during his three-and-a-half year tenure.

He said: “Mr Moynihan has improved the financial services legislative process through better communication between key stakeholders, changes to the process and shortening delivery time.

“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.

“We wish him well in his future career.”