What we do and why
We want consumers to have access to financial services products that meet their needs, from competent firms they can trust.
The GFSC's mission is to promote good business, aiming to achieve speed to market whilst preserving Gibraltar’s good reputation as a financial centre.
Our vision is to be an efficient, forward looking, and credible regulator, that is fair and proportionate, and works collaboratively with stakeholders.
Underpinning the Vision and Mission statements are our regulatory objectives which are set by statute. These are:
- The promotion of market confidence
- The reduction of systemic risk
- The promotion of public awareness
- The protection of the good reputation of Gibraltar
- The protection of consumers
- The reduction of financial crime
Together our Mission and Vision statements strengthen our culture and provide us with a unified sense of purpose. They enhance our cross functional relationships as we have a shared understanding of our role to consumers and the industry.
Our overall purpose is to regulate the financial services industry in Gibraltar. Our aim is to protect consumers, enhance the reputation of Gibraltar as a quality finance services centre and promote good business. Our work focuses around three main functions:
We aim to deliver a streamlined and un-bureaucratic authorisation process which is supported by a risk-based approach that will facilitate consistent, fair and more efficient decisions, with appropriate appeal mechanisms. Our assessment of risks at the application stage will focus on ensuring that any new entrant does not pose an unacceptable degree of risk to the public or the reputation of Gibraltar, whilst avoiding the creation of excessive or unnecessary regulatory barrier or the stifling of competition or choice.
We supervise both the application of prudential standards to, and the conduct of, firms across the financial services sector. This includes, but is not limited to, banks, insurance companies and insurance intermediaries, e-money issuers and payment service institutions, investment firms, fund service providers and funds, fiduciary service providers and auditors.
Our approach to enforcement is underpinned by a desire to encourage and facilitate compliance with regulatory principles and requirements. We provide guidance and deal with perimeter issues whilst seeking to achieve appropriate outcomes via our enforcement actions. In doing so we will ensure that we deliver a credible deterrent in our enforcement activity.