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Gibraltar Finance Publishes Business Development Plan

by Jason Gorringe, Lowtax.net, London
19 January, 2015

Gibraltar has published the 2015 Executive Summary of the Gibraltar Finance Business Development Plan, setting out the territory's financial services sector objectives for the future.

The executive summary is titled "Reputation, regulation, and speed to market" and discusses the activities of Gibraltar Finance, the island's promotional agency on behalf of the financial services industry, and in particular its activities relating to insurance products, funds, and private client business.

The report notes that Gibraltar has continued its concerted effort since mid-2013 to resolve the inability to undertake Part VII insurance portfolio transfers from the UK to Gibraltar. In July 2014 the UK Treasury agreed that Part VII transfers could take place under existing UK legislation and now Gibraltar is in discussion with the UK as to how this will be implemented in practice.

Gibraltar reported it had made good progress also towards its ambition of establishing itself as a destination for insurance-linked securities (ILS) in 2014, and said it would continue to work towards this aim in the coming year.

The agency has also confirmed a list of events it will attend during 2015.

Minister for Financial Services, Albert Isola, said: "I value very highly the enormous contribution that the financial services sector professionals make to the success of our finance center and it is clear to me that we achieve significantly more when we work closely together. It is essential therefore that we give the sector as much notice as possible regarding our strategy for the year so that they can plan for these events and join us in raising the profile of our jurisdiction. There is no question that we have made significant progress and we need to continue the good work by investing further in our marketing efforts, which we fully intend to do."

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