Oct 23 – Financial Services Lunch: UK And Gibraltar Set To Deepen Commercial Relationship
The annual Gibraltar Day Financial Services lunch took place at the Guildhall in the City of London earlier today. Over 300 business leaders attended the event which provides important networking opportunities.
In his welcome address, the Chief Minister Fabian Picardo said that the Government had “strengthened the bonds of trust and confidence” that exist with the UK Government and that these bonds now extended beyond sovereignty to a new post-Brexit commercial relationship which would be governed by bilateral regulatory standards.
He said: “We will be able to move seemlessly from a common regulatory standard set at the EU level to an equivalent or higher outcomes-based regulatory standard agreed bilaterally in the best interests of consumers and our respective jurisdictions.”
The commitment was echoed by Stephen Barclay MP, the Economic Secretary to the Treasury, who added that the Gibraltar-based insurance market was very important for UK drivers and that the Rock would meet UK standards of regulation, supervision and enforcement.
“Gibraltar has no intention of being a back door,” he said, “but instead a centre of high quality financial services.”
Mr Picardo also highlighted fast-moving areas of potential growth like Fintech: “I would especially wish to mention our move into the Fintech space. We have just published a detailed Bill for an innovative, exciting and world leading DLT framework,” adding that there was “an excitement and energy in Gibraltar which is typical of the manner in which we respond to challenges.”
Addressing the guests, Mr Barclay said: “It is what Gibraltar will be, rather than the distinguished history of that it has been, that is most exciting as we celebrate Gibraltar Day.”
Mr Barclay also said that the UK government would ensure that Gibraltar was consulted on any future trade agreements.
He ended by reaffirming the UK’s double lock commitment on sovereignty.
The Gibraltar Day in London events culminate tonight with a reception at the Gherkin. YGTV will provide a live feed via our Facebook page.
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