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Gibraltar’s Financial Services Commission
The financial services industry in Gibraltar is regulated and supervised by the Financial Services Commission (FSC), which is a statutory body independent of Government. The FSC was established by the Financial Services Ordinance 1989 and currently consists of a board of eight members, including the Commissioner as Chairman and Executive Officer.
Operationally, the FSC is organised by industry groups, with separate divisions covering insurance companies and managers, fiduciary services, banking and investment services. These are supported by a dedicated enforcement function whose role is to detect and take action against firms conducting unlicensed financial services activities.
The FSC aims to regulate Gibraltar’s small but very broadly-based finance sector to international standards, to EU requirements and to match UK Standards of Regulation, while endeavouring to be faster, more responsive and more accessible than regulators in other jurisdictions. According to Marcus Killick, Commissioner of the FSC, speaking in July 2005, it looks “to achieve a balance which enables effective regulatory standards to be maintained whilst at the same time avoiding stifling innovation or placing too heavy a cost burden on the industry.”
The FSC’s Mission Statement is, “To provide financial services regulation in an effective and efficient manner in order to protect the public from financial loss and enhance Gibraltar's reputation as a quality financial centre”. See the FSC website for more information.
