YESTERDAY’S announcement that HM Procureur has decided to resign and instead become the director-general of the Guernsey Financial Services Commission might be surprising but it is certainly good news for the commission.

His background and, while in private practice as an advocate, hands-on experience within the financial services sector make him a compelling choice for the commission, which is no doubt why it approached him.

After all, the current DG is a hard act to follow, as the independent review of the regulator’s handling of the Landsbanki collapse demonstrated.

Conversely, however, the GFSC’s gain could be the island’s wider loss.

One of HM Procureur’s leading roles is helping to represent the Bailiwick in international forums and in international negotiations.

Quite apart from requiring detailed knowledge of complex legal and regulatory matters, it also demands someone of a robust nature able to argue on behalf of the islands in a sometimes hostile and confrontational arena.

The current Procureur is certainly up to that brief and the Bailiwick and States of Guernsey have benefited from his abilities.

This newspaper has argued that the existing responsibilities of the office of HM Procureur, as currently drawn, are too wide. That, however, is of secondary importance to getting the right candidate for the post at this difficult time.

The reason is that Guernsey’s right to operate as a legitimate low tax jurisdiction providing competition to overtaxed countries elsewhere is effectively on trial and it is currently a trial by a media briefed by hostile politicians.

Responding effectively in such a charged and loaded environment will require Guernsey to muster considerable skills and resources – possibly in collaboration with Jersey – and the involvement of the island’s attorney-general will be crucial.

What the forthcoming vacancy also highlights is how a replacement is selected.

When the Isle of Man was considering this matter in 2005, it proposed an openly advertised plus interview process. In Jersey, the position is also advertised.

Guernsey’s system is based on recommendation and consultation and looks dated by comparison.

The issue today, however, is obtaining the right candidate, especially in the current climate.