James Smith
Executive Director – Financial Services
Ernst & Young LLP
Mr James Smith is an Executive Director working in the professional services firm EY, based in London, UK. Specialising in financial reporting and regulation of insurance business, he has worked for over thirty years in the accounting profession.
Mr Smith studied Economics and Political Science at the University of Dundee, Scotland, UK, achieving a First Class Honours degree. He then undertook postgraduate study at the University of Essex, UK, before commencing professional study leading to qualification as a member (now a Fellow) of the Institute of Chartered Accountants in England and Wales. Following a move to Australia, he became a member of the Institute of Chartered Accountants in Australia (now Chartered Accountants Australia and New Zealand) and of the Australian Insurance Institute (now the Australian and New Zealand Institute of Insurance and Finance) with Certified Insurance Professional status.
During his time in Australia, Mr Smith became involved with international development activities in the financial services field, undertaking several professional assignments in countries such as Sri Lanka, Pakistan, Indonesia, the Philippines and Uzbekistan concerning insurance development and regulation. He has also undertaken work in the Middle East, and was later based in Hong Kong for some years serving clients in South-East Asia. He finally returned to the UK in 2011. Since then, he has been closely involved in services to the insurance industry, often cross-border, relating to the new Solvency II regulatory framework and other aspects of insurance regulation including business conduct, competition and contract requirements. He helps to frame his firm’s points of view on international insurance regulatory developments such as the proposed Common Framework for supervision of internationally active insurance groups and the development of requirements for systemically important insurers.
Mr Smith’s numerous consultancy assignments have included work on projects funded by the World Bank, Asian Development Bank and governmental agencies, considering means of expanding availability and reliability of insurance services. He has helped to develop and review regulatory frameworks for insurance, as well as advising industry players on matters of implementation and compliance. These assignments included work for a Middle Eastern jurisdiction designing new rules for insurance and Takaful. Following this experience, contact with the IFSB led to Mr Smith’s service on IFSB Working Groups as first member and then consultant. He currently serves the IFSB as Consultant to the Working Group responsible for developing ED-18: Guiding Principles on Retakaful.