Financial Policy Council Appoints New Members

Deputy Premier and Minister of Finance Bob Richards announced the appointment of two new members to the Financial Policy Council, with Dame Amelia Fawcett and Mr Gil Tucker joining the Council as of 1st September.

“Dame Amelia, a British and American national, is a former banking executive who has been honoured for her service to the financial industry with a CBE and a DBE,” a Ministry of Finance spokesperson said.

“Currently Chairman of the Hedge Fund Standards Board based in London [and a Non-Executive Director and Chairman of the Risk Committee of State Street Corporation [Boston, USA], she has held the positions of Vice Chairman and Chief Operating Officer of Morgan Stanley International in Europe and Chairman of the Guardian Media Group Plc.

“She is also Chairman of The Prince of Wales’s Charitable Foundation and Deputy Chairman and Member of the Governing Body of the London Business School.

“Mr Tucker, a Bermudian, is a chartered accountant who worked at accounting firm Ernst & Young for 35 years, latterly as Bermuda Managing Partner and Chairman of the Board.

“Now retired, he remains actively involved in the community and serves on a number of boards, including government advisory boards. In 2013, he was made a Fellow of the Institute of Chartered Accountants of Bermuda.

“The Financial Policy Council was established in 2015 to advise the Ministry of Finance and the Bermuda Monetary Authority on financial system stability in Bermuda. Its purpose is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats.

“It also advises on development of the financial stability framework in Bermuda, and makes policy recommendations designed to support the general economic and financial well-being of the country.

Minister Richards chairs the Council, whose current members are: Sir Andrew Large [deputy chair], Authority CEO Jeremy Cox, Sir Courtney Blackman and Michael Butt.

The Minister welcomed the two new individuals to the Council stating: “Since its inception last year the Council has been developing an important role in advising the Government and the Bermuda Monetary Authority on the vulnerabilities and risks in the global economy and the Bermuda economy that might impact Bermuda’s financial sector.

“Dame Amelia and Gil will bring extensive experience and wisdom to the Council’s work.”

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