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F.S.C

Membership of the Financial Supervision Commission

The Financial Supervision Commission Order 1983, as amended, states that “the Commission shall consist of not less than three persons appointed by the Treasury, subject to the approval of Tynwald” The Treasury have appointed the following persons to be members of the Commission:

Penn

Rosemary Penn MBE. Appointed in March 1993. Became Deputy Chairman in June 2001 and Chairman in October 2004. Barrister at Law and former Law Lecturer. Has been a magistrate since 1967 and former Chairman of the Isle of Man bench. Has been a member of various Government Committees including Income Tax Commissioners and VAT Commissioners and is currently Police Complaints Commissioner and Chairman of the Licensing Appeals Court.

John Aspden. Appointed as Chief Executive of the Commission in August 1998. Commenced his career for 15 years with the Bank of England including three years on secondment to the Council for the Securities Industry. Then became adviser to the Commissioner of Banking in Hong Kong. Subsequently held a senior position at International Bank of Asia Limited and was then Managing Director of Matheson InvestNet Limited, both also in Hong Kong.

JRA
Cashen

John Cashen OBE. Appointed in January 2002. Chartered Public Finance Accountant. Various positions held within the Isle of Man Government Treasury from 1969. Former Chief Financial Officer to the Isle of Man Government from 1991 – 2001. Director of Kaupthing Singer and Friedlander Group of Companies on the Island, and Fortress Management Services Limited. He was awarded the Order of the British Empire for public service in the Isle of Man in the Queen’s Birthday Honours List 2000.

Tim Cullen. Appointed June 2001. Spent 21 years with the World Bank, where he served inter alia as Chief Spokesman of the Bank and, latterly, as Senior Advisor for External and United Nations Affairs. He is an associate Fellow of the Said Business School at the University of Oxford, where he directs the Oxford Programme on Negotiation. He also heads an international consulting firm in Oxford that focuses on issues of governance, integrity and the environment. In 2007 he was appointed a trustee of the Institute of Business Ethics.

Cullen
Geoff Karran

Geoff Karran. Appointed in July 2007. Admitted to the Manx Bar in 1969 and during his time as an Advocate he became Senior Partner in Dickinson Cruickshank and served for 3 years as President of the IOM Law Society. Retired from practising Law in February 2007. He continues as Chairman of the DHSS Social Security Appeals Tribunal and the Disability Appeals Tribunal. Appointed Deputy Police Complaints Commissioner in March 2008.

Alan Smith. Appointed July 2007. Initial career with Lloyds Bank Trust Division and then spent 7 years as Manager of Bank of Bermuda's Cayman operations. Moved to Isle of Man in 1987 and was appointed Managing Director of Bank of Bermuda in 1994. Appointed to the Global Board of the Bank's Fund Services Division in 2001 as Global Head of Marketing and Strategy and subsequently of HSBC's Alternative Fund Services Division up to his retirement in 2005. He has over 36 years experience in Trust Administration, Corporate Services, Banking, Custody and Fund Administration.

Alan Smith
Stott

Bryan Stott. Appointed in June 2001. Initially his career focussed mainly on Island’s property business. In 1973 he was appointed to the Board of the Isle of Man Bank Limited and became Chairman in 1980. Has 28 years banking experience with Isle of Man Bank and subsequently Natwest Offshore Limited. Retired as Chairman of Natwest Offshore Limited in 2000. Mr Stott also has extensive experience in the investment and insurance field.

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