Thursday, January 20, 2005

Review of Gibraltar's Financial Services Commission

The results of an independent review into Gibraltar's Financial Services Commission (FSC) are published today by the Foreign & Commonwealth Office.

The review was originally requested by the FSC to examine its supervisory activities in areas covered by EU Directives; notably in banking, insurance and investment services.

The main conclusions of the report are:

  • that the FSC has 'achieved a good standard of financial services regulation in Gibraltar', and that it has 'a clear commitment to meeting international standards'.

  • that the FSC as a whole has worked hard to ensure that supervision in Gibraltar 'complies with European Union obligations and, where these apply, establishes and implements standards that match those required by legislation and practice in the United Kingdom'.
  • The review team was headed by Richard Pratt, an ex-official from HM Treasury and former Director General of the Jersey Financial Services Commission. He was appointed by the Governor, Sir Francis Richards, on 6 February 2004 in accordance with Section 12A of the Gibraltar Financial Services Commission Ordinance 1989.

    The full text of the report can be found in the Miscellaneous Documents section of the website.

    Notes

    The Terms of Reference for the review required Richard Pratt and his team to look at the activities of the FSC 'in relation to any financial services to which Community law applies, including the extent to which the said activities establish and implement standards which match those required by legislation and supervisory practice within the United Kingdom'.

    The other members of the review team, who were also appointed by the Governor, were Peter Hayward and Melanie Beaman (covering banking supervision), Richard Britton and Roger Hillyer (investment services regulation), Sue Thornhill (cross-cutting issues, particularly defences against money laundering, terrorist financing, and financial crime) and Martin Roberts and Mike Thorpe (insurance supervision). Melanie Beaman, Roger Hillyer and Mike Thorpe were seconded to the team by the UK Financial Services Authority.

    The last such review was completed in April 1997. A supplementary review of the banking sector was undertaken in May 1998.
    Foreign & Commonwealth Office Press Releases - Review of Gibraltar's Financial Services Commission - Read Full Report...

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