Gibraltar Regulator Explains Its Medium-Term Plan
by Jason Gorringe, Lowtax.net, London
30 December, 2014
The Gibraltar Financial Services Commission (GFSC) has ended the year by hosting roadshows to outline its strategic vision for the next three years.
The presentations explained the regulator's strategic plan for 2014-17, which was set out in a document published on October 14, 2014. In particular, the plans aims to ensure the stability of the financial services sector and consumer protection. The Commission is to also seek to improve the way it engages with stakeholders and is to streamline its authorization process.
From next year, the regulator is to comprehensively restructure. This is to include the creation of two positions: Director of Legal, Enforcement, and Policy; and Head of Enforcement.
The regulator is also to engage at an early stage with stakeholders on the development of any plans for the sector, and it will also overhaul its website.
On the regulatory front, there will be an increased focus on professional competency standards, and increased oversight of fiduciary services providers and audit and insolvency practitioners.
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