Gibraltar To Have More Say In Running Of FSC
Gibraltar's opposition Progressive Democrat Party has welcomed a new bill that
will localise the jurisdiction's Financial Services Commission. The Revised Financial Services Commission Act 2007 would effectively repatriate
the FSC into Gibraltarian hands, and has been "enthusiastically welcomed"
by the PDP. The legislation aims to redress the balance, meaning that in future, the Foreign Office in London
will have less of a say over the running of the Gibraltar financial regulator. "Whilst the current Financial Services Commission has functioned well
since 1989 its very make up was colonial and undignified, limiting the number
of Gibraltarians that could be part of the Commission and allowing the Foreign
Office too much influence in the appointment of its members,” said the
PDP. “This new legislation is an important step in the recognition that Gibraltar
and its people are mature enough to self govern and self regulate," the
party added. The PDP said it will study the new legislation, noting that Gibraltar's finance
centre continues to play a pivotal role in the economic health of the jurisdiction. .
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