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GFSC notice to firms on COVID-19

13 Mar 20

In response to the COVID-19 pandemic, the GFSC advises all regulated firms to ensure contingency plans are in place and are ready to be implemented if necessary. 

The UK authorities have already taken a number of steps to ensure the financial sector can continue to operate in support of the real economy and the needs of consumers. Some of these steps are relevant to Gibraltar-based firms, including the Bank of England’s interest rate cut from 0.75% to 0.25%.

Firms are expected to take all necessary measures to meet their regulatory obligations and to support their customers. The GFSC will support firms in their delivery of these obligations. Firms are encouraged to contact the GFSC at the earliest stage if they have concerns regarding the efficacy of their contingency plans. 

The GFSC will work closely with industry and other stakeholder to ensure the continuing provision of financial services to our consumers. Further advice will be published as and when required. 

Notes to Editors:

1. The GFSC is a regulator of the Gibraltar financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The GFSC's vision is to be an efficient, forward looking, and credible regulator, that is fair and proportionate, and works collaboratively with stakeholders.

2. The GFSC's regulatory objectives 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 and the reduction of financial crime. 

Press Release contact details

Contact Name

Press office

Contact E-mail

media@gfsc.gi 

Address

Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar

Tel

+350 200 40283 

Fax

+350 200 40282

Web-site

www.gfsc.gi