The Jersey Bank Depositors Compensation Board administers the Depositors Compensation Scheme (DCS). The Board is an incorporated body and is independent of Ministers and the States.

In the unlikely event of a bank failure in Jersey, the key responsibilities of the board include:

  • establishing administrative arrangements
  • establishing and maintaining a compensation fund
  • making interim and final compensation payments to eligible depositors
  • requiring banks to pay a levy

Board Members

The following Board members have been appointed by the States of Jersey:

Paul_Leary_Jersey_Depositors_Compensation_SchemePaul Leary (Chairman)

Board chairman Paul Leary is a consultant to the multi-jurisdictional legal firm Bedell Cristin.

He stepped down as Head of Risk at Ocorian in early 2020 after 12 years in the role. His responsibilities included development and implementation of an Enterprise Risk Management framework across the international business. Prior to that he was director of Advisory Services at legal group BakerPlatt where he designed and delivered specialised financial compliance courses in subjects ranging from corporate governance to risk management and anti-money laundering. He also created a national seminar programme for the World Bank examining the criticality for banks of centralised compliance functions in developing jurisdictions.

Paul has also worked for the Jersey Financial Services Commission and Lloyds TSB bank. He has an MBA and is an associate of the Chartered Institute of Bankers.

Peter Shirreffs

Peter held Senior Management and executive positions with RBS Group before settling in Jersey in 1992 as MD of Royal Bank of Scotland Jersey Ltd.

He has considerable corporate and retail banking experience and is also the Non-Executive Chairman and a Director of several local and international companies. He is a fellow and past President of the Chartered Institute of Bankers and registered as a Principal Person with the Jersey Financial Services Commision.

Amy Taylor

Digital Jersey Chief Operating Officer Amy Taylor joined the board in September 2018.

She is a chartered accountant by profession who began her working life with PwC and spent much of her career in public sector finance. She worked for both the Treasury and Health and Social Services departments before joining Jersey Hospice Care as Finance Director in 2016. She took on her role at Digital Jersey in early 2021 and is responsible for all operational matters. Her responsibilities include delivery of the financial strategy and funding negotiations with key stakeholders to support the organisation’s long-term objectives of developing Jersey as a leading digital jurisdiction.

Amy said the JDCS board plays a vital role in protecting the community from the risks of a bank failure as well as working to enhance Jersey’s reputation on the international stage.

Tom Fothergill

Tom is a corporate and regulatory lawyer in Walkers’ Jersey Investment Funds and Corporate Group.

Prior to joining Walkers, he was Lead Policy Adviser, Financial Services & Digital Economy at the Government of Jersey. In that role, he supported the JDCS Board in relation to policy and legislative development on behalf of the Chief Minister. His wider role encompassed leading the creation of Jersey’s bank resolution regime, and other areas such as fintech development, corporate law reform and financial crime.

His legal practice focuses on the solvent restructuring of regulated financial services businesses including banks, trust and company service providers, investment businesses and fund managers, plus other regulatory advisory and corporate M&A transactions.

Ian Henderson

Ian has been involved in the finance industry for over 40 years. He is an Associate of the Chartered Institute of Bankers, and the London Institute of Banking & Finance.

He started his banking career in the City of London before moving to Jersey in 1995. In Jersey, he held executive positions with three blue-chip Jersey domiciled and regulated organisations, and in that capacity held Principal Person approvals from regulators in jurisdictions such as Guernsey, the Isle of Man and Luxembourg as well as Jersey.

He has broad experience across the financial services sector, which specifically encompasses banks, fund service providers, alternative investment funds and trust companies.