Independent Review Launched Into Gibraltar FSC

by Robert Lee, Tax-News.com, London

12 February 2004

An independent review of the Gibraltar Financial Services Commission was announced on Monday by the jurisdiction’s Governor Sir Francis Richards, and is set to be undertaken over the next four months.

The review will be conducted by a team chaired by Mr Richard Pratt, and will look into the Commission’s role in the supervision of the jurisdiction’s banking, insurance and investment sectors.

Mr Pratt has had wide experience of financial services regulation, having worked at HM Treasury (1993-95), the London International Financial Futures and Options Exchange (1995-98) and as Director General of the Jersey Financial Services Commission (1998-2003). He has also been a member of the Implementation Committee of the International Organisation of Securities Commissions, and was a member of working groups established to review the forty recommendations of the Financial Action Task Force.

Welcoming the Review, Financial Services Commissioner Marcus Killick commented:

“We constantly look at ways to improve our regulatory approach. Therefore we have welcomed and continue to welcome independent reviews of the way in which the Commission performs its task and the recommendations they bring. We would not be operating an equitable regime if we conducted on-site inspections of our regulated firms, yet were unwilling to undergo such inspections ourselves.”

The findings of the review are due to be made public in September 2004.

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