Oct 14 - FSC Strategic Plan Outlines Determination to Increase Depth of Financial Services Industry
The Gibraltar Financial Services Commission today published its strategic plan for the next three years, outlining its priorities alongside a high-level delivery plan and business change programme for the period 2014-2017.
The plan is set to include a number of factors including; International standards for regulation, which continue to evolve; EU directives and requirements; Obligations set by the European Supervisory Authorities – for example, in both the banking and insurance sectors, the introduction of common reporting standards and single supervisory handbooks; Government of Gibraltar policy drive to promote and develop this sector through dedicating additional resources for marketing initiatives, focused on increasing the depth and breadth of the Gibraltar financial services industry; A determination to increase our efficiency and accessibility to our stakeholders; and Market demands and developments as firms respond to new challenges and opportunities.
The plan was launched today at a meeting of the Finance Centre Council. Commenting on the matter FSC CEO Samantha Barrass noted that ‘Underpinning our 3-year programme is a focus on strengthening our operational delivery of effective regulation against a background of multiple challenges.’
She added, ‘In particular, we will enhance our ability to mitigate unacceptable risks and improve the way we do business with reputable firms. A priority will be a focus on firms’ authorisation experience. The plan includes a re-organisation of the FSC, which will support efficient and effective operational delivery of our remit. This includes further strengthening at the senior staff level and further investment in recruiting strong industry experience.’
The Gibraltar Government today welcomed the plan, with Financial Services Minister Albert Isola commenting that it is imperative to have an ‘efficient and focused regulator’ if Gibraltar wishes to continue to grow as a financial services jurisdiction.
He went on to say, ‘I believe this strategic plan will deliver to our sector a strengthened and better resourced regulator resulting in faster response times to authorisations and more generally. As we invest in our business development programme and our product line, it is also important we invest in our regulatory regime.’
