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 promote good business, protect the public from financial loss and preserve Gibraltar’s good reputation as a financial services centre.
Vision
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 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 and 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 at all times pragmatic, proportionate and accessible, in the way we supervise and apply regulatory requirements and in the way in which we interact with stakeholders.
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.