Please note that the Government of Gibraltar licenses firms that fall under the Financial Services (Moneylending) Act, not the GFSC. For information regarding Moneylending authorisation please contact the Gibraltar Government Financial Secretary.
Under the EU Directive 2008/48/EC, licenses granted under the Financial Services (Moneylending) Act fall under the scope of the Financial Services (Consumer Credit) Act 2011 (the Act). The CEO of the GFSC is the director appointed for the purposes of the Act and is responsible for firm and individuals’ compliance with the conduct of business rules within the Act.
The Act applies to firms who:
(a) Grant or promise to grant credit to consumers; or
(b) Act as intermediaries in connection with agreements granting credit made between a creditor and consumer.
If you are providing consumer credit as defined in the Act, you are required to comply with the provisions in the Act. The Act applies to loans between EUR 200 and EUR 75,000 if these do not relate to the purchase of property. Some overdrafts and overrunning are also within the scope of this Act.
Credit Institutions and branches in Gibraltar do not have to be separately licensed under the Moneylenders Act but must comply with conduct of business requirements in the Act.
Once the Government of Gibraltar notifies the GFSC of licences issued under the Financial Services (Moneylending) Act, entities and individuals who fall within the scope of the Act will receive a letter.
The GFSC requires confirmation that the firm does or does not comply with the provisions of the Act. Firms providing consumer credit fall within the definition of financial services business as set out in Section 9 of the Proceeds of Crime Act 2015 (POCA), and hence are required to comply with the provisions set out in POCA.
For further information and/or clarifications, please email us at firstname.lastname@example.org with the following information in the subject field: ‘Name of Firm – Consumer Credit’. Paper copies are not required unless indicated by the Authorisation team.