Authorisations & Conduct of Business
Authorisations
The Authorisations Team is responsible for processing and recommending decisions for all types of applications, authorisations and registrations at the GFSC. These include:
- applications by firms and individuals who wish to obtain a licence to carry out a controlled or regulated activity;
- applications and notifications of individuals or firms who wish to fulfil a significant and notifiable function within a licensee; and
- notifications for the provision of services or the establishing of a branch (passporting).
For further information on the authorisations processes please refer to the Getting Authorised section of our website.
If you have any queries on authorisations or would like some guidance on the application process, licensing regime, types of licences, etc., please email the Authorisations Team.
In addition to the above, the Authorisations Team is responsible for processing a number of other administrative changes, for example:
- name changes;
- changes of address;
- amendments of data held by the GFSC;
- surrender of licences;
- surrender and changes in notifiable positions;
- name approvals (including trading names);
- material changes of business plan
- experienced investor funds.
Notifications for the above can be sent directly to the Authorisations Team.
The Authorisations Team also carries out all functions for the Listing Authority in Gibraltar. The Listing Authority assesses securities wishing to be listed within an exchange licensed in or operating from within Gibraltar.
Contact the Authorisations Team
Conduct of Business
The Conduct of Business Team is focused on consumer protection and ensuring that customers are given a fair deal.
The team's objective is for clients to have confidence in the services and advice provided by and the financial products supplied by, regulated firms. This involves ensuring that licensees have appropriate sales methods and complaints handling processes; essentially ensuring that firms effectively implement Conduct of Business rules and that this is inherent in their culture. We will focus on the most significant perceived risks to clients and the reputation of Gibraltar. We aim to use a wide variety of tools including interacting with the financial community articulating expected standards and conducting themed work.
The team supervises with:
- investment firms including dealers and principal traders;
- collective investment schemes;
- professional fund directors;
- fund managers;
- stock exchange;
- e-money;
- payment services;
- consumer credit;
- insurance intermediaries (life and general);
- bank branches; and
- depositaries.
The team deals with conduct of business issues for insurance companies and banks.
Our work entails reviewing the processes and work practices to make sure that firms are adhering to the scope of their authorisation/s current legislation and good practice. It also includes ensuring that firms have the interests of their consumers as an integral part of their structure. We look at different aspects, including:
- customer classification processes;
- advertising and marketing of products and services;
- customer communication and reporting;
- conflict of interest management;
- due diligence requirements;
- customer agreements and mandates; and
- reviewing financial accounts and returns.