How will Gibraltars Financial Services Commission standards of regulation compare with other European regulatory bodies such as the FSA?
Firstly it should be noted that the “FSC” is a statutory body corporate, formed under the Financial Services Commission Act 1989. It consists of seven members and a Chief Executive and Chairman, who is the Financial Services Commissioner. c Its regulatory activities are independent of the UK FSA, although the latter body was charged to carry out an audit prior to the FSC first being recognised as a competent authority within Europe by HM Government, and regular assessments and statutory reviews have been carried out by different international bodies, who have been satisfied with Gibraltar’s regulatory standards. Details can be found on the FSC website at www.fsc.gi under the tab “Evaluations”. The FSC applies UK regulatory standards, as it is required to do under the FSC Act 1989, and indeed as it must do to continue to be considered a competent authority within Europe. Nevertheless, its scale of operations enables a speedy and reasoned approach to all applications from insurers and re
