Apr 05 - FSC CEO Steps Down

fscThe Financial Services Commission has announced today that its Chief Executive Officer Marcus Killick has decided to stand down. Mr. Killick has led the Gibraltar regulator for ten years and has made an outstanding contribution to the ability of the FSC to meet the ever-increasing demands of both the financial sector and international regulatory requirements.

Mr Killick, who is one of the longest serving heads of a financial services regulator in the world, announced his decision to the Board at its meeting in March. He will remain in post until the appointment of his successor, which the Commission hopes can be completed by September 2013.

Commenting on his decision, Mr. Killick explained that working with the team at the FSC had been a priviledge. He added, ‘they are motivated and talented and have all, without exception, joined to work collectively and professionally in becoming the strong team they are. Having served for 10 years I believe the time is now right for a new CEO to drive forward in the medium to long term. I have always said this was my last term, and believe it in the best interests of the Commission for this transition to take place now.

I am grateful to the many Board members for their support and guidance over the years and to the Chairmen I have had the pleasure of working with.  I would also like to acknowledge the work of the former and present Chief Ministers in their support of the Commission and particularly in safeguarding its independence.

I am proud of what we have achieved these past 10 years and believe we are well placed for the challenges of the future.  

I remain committed to Gibraltar and look forward to now working in the private sector here for many years’.

The Government notes the FSC’s statement on the matter and insisted that it was grateful for the enormous contribution Mr. Killick has made to the working and functions of the FSC in serving the financial services sector during this time.

The Chief Minister added, ‘I have found Marcus great to work with professionally, from my days as a lawyer, as well as an impartial and co-operative colleague both when I consulted him in my days in Opposition and more recently in Government. It was therefore our pleasure to recommend his reappointment shortly after our election for a further term as CEO of the FSC - which he has repeatedly insisted would be his last. His decision to announce his departure now will no doubt make it easier to plan for an efficient and seamless transition which will be good for the industry as a whole.’

The Opposition also paid homage to Mr. Killick's work with the FSC, noting that he has been the longest serving CEO of the FSC. They claimed that he has made an outstanding contribution to the financial services sector in Gibraltar during this time. 'Mr Killick was appointed and reappointed during the GSD term in office and will be very difficult to replace.' GSD leader Daniel Feetham added, 'I have worked with Marcus Killick at a professional level over many years and subsequently as a former Minister of the GSD Government and have enjoyed working with him. He was an excellent regulator who understood both the needs of the businesses the FSC regulated and the importance of cooperation with foreign regulators to the reputation of our finance centre.'