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_SchemeMike Mitchell (Chair)

Board Chair Mike Mitchell was appointed  in March 2023 following the retirement of Paul Leary. He Is also Chair of the Jersey Resolution Authority, a position he took up in August 2021. Both appointments were made by the Government of Jersey. 

Mike was a Senior Advisor at the Bank of England’s Prudential Regulation Authority (PRA) until he retired from the Bank in March 2021. He was recruited to the Bank of England in 2009 and headed up the Bank’s Special Resolution Unit through much of the Global Financial Crisis before joining the KPMG’s Banking Risk team in 2012. He returned to the Bank as a Senior Advisor in 2014, a role in which he provided challenge and support to the PRA’s banking and insurance supervision teams. From 2015 to 2017, Mike took on a front-line supervision role as Director of the PRA’s International Banks Supervision Directorate where he led teams overseeing more than 150 overseas banks operating out of the UK. During this period, he also worked for the Irish Government as a Technical Advisor on their Inquiry into the Irish banking crisis.  

Prior to his regulatory experience, Mike had a long career in retail financial services including 25 years with Lloyds (TSB) culminating in executive director roles on the boards of two large subsidiaries, Lloyds TSB Insurance Ltd and Cheltenham & Gloucester plc. 

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.

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.