The Gibraltar Financial Services Commission (FSC) has underlined its commitment to minimizing bureaucracy; on May 1 it announced substantial changes to how applications will be submitted for persons seeking any type of authorization to conduct financial services business.
The Gibraltar FSC said that the previous twelve separate application forms have now been consolidated into one, and the additional information required to be submitted in support of the application has been standardized.
The FSC has also updated its website with clearer and easier to understand instructions. All the forms, which can be downloaded from the FSC website, can also be completed electronically.
The FSC’s Chief Executive, Marcus Killick commented:
"By removing the differences of approach for the various application types it is easier for prospective applicants, as well as the FSC itself, to handle applications. Cutting down unnecessary bureaucracy is something that the FSC wishes to continue to promote."
David Parody, the Chief Operations Officer at the FSC added that it has not finished its work to decrease bureaucracy, stating:
"We will continue to address the concerns of our stakeholders so that we can carry on this work to make it easier for applicants and professional advisers to deliver complete applications from the start, thus making it easier for us to make a determination of the application at a much earlier point in time."
The FSC hopes to announce a similar consolidation process for fund applications in the very near future.
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