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.

Mission

Our Mission is to provide financial services regulation in an effective and efficient manner in order to promote good business, protect the public from financial loss and enhance Gibraltar’s reputation as a quality financial centre. Our Mission statement sets out our core purpose. Everything that we do at the GFSC is designed to support its delivery.

Vision

Our Vision is to be a high performing, agile, and innovative regulator. Our Vision provides the guidance and inspiration to our staff and is the driving force behind our work at the GFSC.

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 Strategic Outcomes

Our eight strategic outcomes underpin our core purpose and set out the focus for delivery of our Mission and Vision.

Outcome one

To position the organisation in a way which supports both the Government of Gibraltar and the financial services industry to successfully and safely navigate the jurisdiction's exit from the EU and carefully manage the implications this may have for financial services providers and their customers, wherever they are located.

Outcome two

To develop, and build on existing, trusted partnerships both with UK authorities as well as other regulators, authorities and international standard setting bodies and make meaningful contributions to the work of these bodies.

Outcome three

To attract amd retain the regulators of tomorrow, through the early identification and development of technical and behavioural capacity.

Outcome four

To be considered a strong source of regulatory expertise, both in the new and innovative sectors we are regulating, as well as in those existing sectors that continue to be important to Gibraltar.

Outcome five

To be recognised as a leading regulator of new innovation, responsively and strongly supporting the safe use of financial and regulatory technology.

Outcome six

To be at particularly aware of the role innovation can play in adding value to the delivery of financial services to consumers, both in terms of choice and quality.

Outcome seven

To be recognised as a leading regulator of new innovation, responsively and strongly supporting the safe use of financial and regulatory technology.

Outcome eight

To continue to build a reputation for swiftly identifying and managing out bad business, ensuring that we protect consumers wherever they are located and the reputation of Gibraltar.

Our Functions

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:

Authorisation

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.

Supervision

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.

Enforcement

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.