HM PROCUREUR Nik van Leuven has resigned to take over as director-general of the Guernsey Financial Services Commission.

The office of the Lt-Governor announced today that, with the approval of Sir Fabian Malbon, Mr van Leuven had received the royal sanction to resign as Guernsey’s attorney-general.

He will leave office at the end of May and take up his new role, succeeding Peter Neville, who is retiring from the post after eight years.

‘I was honoured to be asked to join the commission as director-general, especially during these difficult times in which global financial services and markets are so stressed and the nature and extent of its regulation is under review,’ Mr van Leuven (pictured) said.

‘I look forward to the challenges my appointment will bring and to working with colleagues at the commission to serve Guernsey effectively.’

Mr Neville has guided the GFSC through a number of turbulent times including the aftermath of the World Trade Center atrocities and Northern Rock’s nationalisation.

But the collapse of Landsbanki Guernsey last year was perhaps his biggest challenge.

After the bank went into administration, Mr Neville called for an independent inquiry into the regulator’s handling of the situation.

The review concluded there was nothing the GFSC could have done to prevent the collapse and that the aftermath was well regulated.