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GSD calls for publication of GFSC review findings

The GSD has called for the publication of an independent review of the Gibraltar Financial Services Commission conducted by an independent firm commissioned by the Gibraltar Government the UK Treasury.

The review is part of the work to prepare for Brexit and ensure there is an equivalence of regulatory outcomes with the UK regulator.

The GSD said it understands the report will not be made public but urged the authorities to reconsider this position.

“At a time when confidence in the regulator and its enforcement policies are the subject of increasing concern from within the financial services industry, it is more important than ever to be open and transparent in relation to reviews on the performance of the GFSC and the GSD believes any report should, at least, be disclosed to the Finance Centre Council and relevant stakeholders,” Opposition MP Daniel Feetham said.

“This is all the more necessary given that the Government has circulated parts of draft legislation on, amongst other things, the enforcement and investigation powers of the GFSC which it may decide to bring to Parliament on an urgent basis before March 29, 2019.”

“Already there have been concerns within the industry that not enough time has been provided to stakeholders to properly assess the impact of the legislation and, indeed, whether all of it - as opposed to parts - is actually necessary in the light of Brexit or indeed desirable.”

“The publication of a review of this nature, even if it’s just circulated to relevant stakeholders, would help the industry understand and properly contextualise the need for this proposed legislation which is being hurriedly presented to parts of the industry.”

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