Bermuda Monetary Authority chairwoman and chief executive Cheryl-Ann Lister yesterday announced she was stepping down from both posts, saying a change in the law splitting the two positions made it an opportune time to resign.

Mrs. Lister, who has been chairwoman since 1999 and will officially step down on December 31, also said she wished to spend more time with her family. Mrs. Lister is married to former Education Minister Terry Lister and has four children.

?I have enjoyed all aspects of the job, so I have a real feeling of accomplishment,? Mrs. Lister said in an interview yesterday. ?At the end of the day I felt the joint role was too much of a time commitment.

?Working ... 24-7, you and get to the point where you say ?I need a bit more of a life? and after discussing it with the relevant people in my life, I felt I needed to spend more time with my family.?

A statement from the BMA said the BMA board has begun the process of selecting a successor to Mrs. Lister as chief executive.

Under the new BMA legislation, the chief executive is appointed by the Minister of Finance on the recommendation of the board, while the chairman?s role is a direct appointment of the Minister.

?The separation of the Chairman and CEO positions is in my view a positive development, given the greater size and scope of responsibilities of the Authority, both of which continue to grow,? Mrs. Lister said in the statement.

?It also provided me with the opportunity to review my position from a personal standpoint, as clearly these roles are now bigger than one person. Also, I am at a point in my life when I would like to spend much more time with my family.

?After careful consideration I decided that the end of this current contract would be the opportune moment for me to step down from having both these responsibilities.?

Mrs. Lister took the chair of the BMA in 1999 and was appointed as CEO in 2002.

?During her tenure the responsibilities and structure of the BMA have grown considerably from its original role as primarily the supervisor of Bermuda?s banking sector,? the statement said. ?The organisation is now the integrated regulator of Bermuda?s entire financial services sector, covering banking, insurance, trust and investment businesses.?

Finance Minister Paula Cox said: ?The Government of Bermuda values the dedicated public service that Mrs. Lister has given to the development and careful oversight of the Bermuda Monetary Authority at such an important time for Bermuda.

?As Minister of Finance I have appreciated her commitment to carrying out her responsibilities with diligence and integrity, and wish to formally record my appreciation of her efforts. She is a dedicated professional and a woman of substance.

?I wish her all the best in her future endeavours and anticipate that in some measure Bermuda can continue to benefit from her experience and expertise.?

Robert Steinhoff, deputy chairman of the BMA, said: ?We would like to extend our gratitude and sincere appreciation to Cheryl-Ann for her tremendous contribution to the development and effectiveness of the Authority.

?She has led the organisation through a period of intense and rapid transition which has resulted in an institution that is highly focused on its mission. We wish her all the very best as she moves into a new phase of her life.?

In yesterday?s interview, Mrs. Lister said the accomplishment she was most proud of during her tenure was the transition of the BMA from an institution which had limited and indirect responsibility for financial services supervision to the development of a regulatory framework ?that would stand up to international scrutiny?.

?There were many challenges at the start, but with the support of the committed and capable team here, we have built an integrated regulatory authority that can compete internationally and that Bermuda as a quality international centre should have. I could not have done that with without the support of the staff, the board and from industry.?

Asked if she was concerned that the rapid development of the BMA could lead to over-regulation, she said: ?We have been able to strike the right balance of enough, but not too much.

?That has been one of the primary things I have focused on ? ensuring we strike the right balance and we have to decide how best to apply them in the Bermuda setting (where) we have an onshore industry in an offshore setting.?

Mrs. Lister said her biggest disappointment was that despite the ramping up or regulation and extensive education efforts overseas, ?there is still no level playing field?.

?If something happens to a company in New York, they say it happened in New York. If something happens to a company in Bermuda, they talk about the Bermuda regulatory system.?

But she said Bermuda has a good relationship with overseas regulators, adding: ?The people who have to make the real decisions really do know what we are doing.?

Asked what advice she would give to her successors, she said: ?I would say that you have got to be passionate and believe in what you are doing and be passionate about Bermuda and its reputation. If you understand that and are passionate about that, you will impart that to your staff.

?The other thing I would say is that you have to make sure you care about the people (you work with).?