The Financial Services Commission congratulates former Commissioner,
Martin Fuggle on his OBE granted at the last New Years honours. Mr Fuggle's
OBE was granted in recognition of his contribution to financial services
regulation, particularly in Gibraltar.
Mr Fuggle was Commissioner and Chairman of the Financial Services
Commission during a period which saw developments in regulatory practices at
an international level being adopted in Gibraltar. He was also Commissioner
during the successful evaluations in regulatory practices conducted by the
IMF and anti-money laundering controls evaluation by FATF under the auspices
of the Offshore Group of Banking Supervisors (OGBS).
Mr Fuggle was also instrumental in the establishment of the working party
on Regulation of Trust and Company Service Providers of the OGBS which
issued a Statement of Best Practice for this area of activity.
In welcoming the award, Mr Fuggle commented:
"I am very honoured by the granting on an OBE in the latest New Year's
Honours List. In accepting the Honour, I would like to recognise the help
and advice of the Members of the Financial Services Commission and my
former staff colleagues in the FSC.
Regulatory standards in Gibraltar have developed significantly over the
years, as confirmed by several independent external reviews. But
regulation does not exist in a vacuum and, to be effective, it requires
the support of market practitioners and of Government. I would therefore
wish to thank them too for their support during my term as Commissioner".