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GFSC announces management restructure

The Gibraltar Financial Services Commission has concluded a comprehensive organisational restructure resulting in a “flatter, wider and more inclusive” management structure.

GFSC chief executive Kerry Blight will have direct line management responsibility for each member of the new management team, the commission said in a statement announcing the change.

The restructure, coupled with previous cost management action taken within the last few months including a recruitment freeze and no replacement of staff who left the GFSC, has resulted in permanent full-time employee numbers reducing from above 100 to 78.

Mr Blight said: "The restructure and cost management action taken are a proportionate response to streamlining the organisation and to being cost-effective in achieving the GFSC's regulatory objectives, including promoting good business, protection of consumers and enhancing Gibraltar's reputation as a quality financial centre."

The new and wider management team will continue with the GFSC's stakeholder engagement initiative both locally and internationally to ensure a positive climate for the benefit of Gibraltar's financial services industry, the GFSC added.