Gibraltar has a "good standard of regulation" according to an independent review commissioned by the...
Gibraltar has a "good standard of regulation" according to an independent review commissioned by the jurisidiction's own regulator, Financial Services Commission. But the review, written by ex-Jersey regulator Richard Pratt, has made a number of recommendations on how regulation can be improved.
This is the third review commissioned under Section 12A of the Financial Services Commission Ordinance 1989. The Commission said it is obliged by its founding ordinance to match UK standards of supervision. It added that the changing regulatory environment in the UK had prompted the latest review.
The review judged that Gibraltar's anti-money laundering regime was more robust than that of the UK in a number of areas, "even taking into account the different risks posed by the business."
For insurance and investment services, the review made recommendations as to how the Commission could make adjustments to bring it into line with recently introduced UK regulatory developments.
"The report makes a number of recommendations which will be considered. Many concern matters on which we are already taking action. Others will no doubt help us in our future development," said commissioner Marcus Killick. "We are the only regulator that is judged not only against international standards but also on how we match the policies and practices of another vastly larger authority. It is a tremendous tribute to the team that with 18 staff we have received such a positive report."
The passporting of insurance and reinsurance mediation from Gibraltar across the European Union also began on 15 January 2005.
The ordinance provides for the regulation of insurance and reinsurance mediation, which includes:
• Introducing, proposing or carrying out work preparatory to the conclusion of contracts of insurance or reinsurance.
• Concluding contracts of insurance or reinsurance.
• Assisting in the administration and performance of such contracts, in particular in the event of a claim.
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