The Gibraltar Financial Services Commission (“GFSC”) has appointed John Gill as the Head of the Resolution and Compensation Unit (“RCU”). The RCU is responsible for carrying out the day-to-day functions of the Financial Services Resolution and Compensation Committee (“FSRCC”). The FSRCC is responsible for resolution planning for credit institutions and certain investment firms as well as decision-making relating to the reorganisation of institutions experiencing financial difficulties.
Separately, the FSRCC also administer the Gibraltar Deposit Guarantee Scheme (“DGS”). The Gibraltar DGS provides a means of protection to depositors and helps to promote confidence in licensed credit institutions and certain investment firms within the framework of the Financial Services Act (2019).
Since its inception in 2016, the FSRCC have embedded the foundations to deal with a credit institution or investment firm in the event of a resolution and worked to ensure firms have plans in place that minimises disruption and reduce risk to the financial system at large.
Financial Secretary, Albert Mena, who acts as Chairman of the FSRCC, says: “I would like to congratulate John on his appointment. This work ensures that Gibraltar is fully prepared and equipped with the necessary tools to intervene in troubled institutions at a sufficiently early stage to address any developing problems. It also means that Gibraltar is compliant with the standards agreed with international partners at the G20 and capitalises on the lessons learnt from the financial crisis. With this appointment, the FSRCC hopes to continue in the delivery of its strategic objectives to improve resilience and resolvability at firm level in Gibraltar, through further industry collaboration and international engagement, with the aim of safeguarding consumers and the jurisdiction. John takes over from the excellent work Seamus Hayes, who has now become the GFSC’s Head of Banking, has done.”
John Gill said: “The Head of Resolution and Compensation Unit role represents a new challenge which I am looking forward to. I look forward to continuing my work with the GFSC, FSRCC and wider industry, including representing Gibraltar in this important area”.
For further information about the Gibraltar DGS, please visit our website: www.gdgb.gi or contact firstname.lastname@example.org.
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
Gibraltar Financial Services Commission
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+350 200 40283
+350 200 40282