Financial Services Commission Roadshow December 2014
Introduction Overview of the Strategic Plan Introduction to Regulatory Operations Meet your Sector Specialist Questions and Answers
The Financial Services Commission • The FSC is the regulator of an international financial services centre. • Regulating providers of financial services conducted in both Gibraltar and other jurisdictions, particularly the UK. • A Strategic review was conducted earlier in the year against the: • Vision statement • Mission statement • Regulatory objectives • Principles of good regulation
Our Vision and Mission Vision Mission To provide financial To be recognised by our services regulation in an stakeholders as the effective and efficient model international manner in order to promote financial services good business, protect the regulator. public from financial loss and enhance Gibraltar’s reputation as a quality financial centre.
Regulatory objectives & principles of good regulation Regulatory Objectives Principles of good regulation • Promotion of market • Effective use of resources confidence • Proportionate • Reduction of systemic risk • Facilitators of innovation • Promotion of public • Maintain competitiveness awareness • Minimise adverse effects of • Protection of the good regulation reputation of Gibraltar • Protection of consumers • Reduction of financial crime
Strategic Plan 2014 – 2017 • Background • Strong history of delivering effective regulation • Must not rest on laurels – we need to be prepared for • Challenging international and EU regulatory agendas – increasing focus on front line delivery • GoG policy drive to promote and develop financial services sector • Market demands and developments as firms respond to new challenges and opportunities • Increasing pressure on firms to manage their cost base and be competitive
Strategic Plan 2014 - 2017 Continuous improvement to maintain confidence we do two things really well: At all times act promptly and 1. effectively when risks are identified, concentrating on the issues that matter most . Enable the swift and efficient 2. transaction of the industry’s business with the FSC: work always to respond in shorter timescales , minimise the burden and cost of compliance Strategic Plan 2014 – programme of activity to deliver this twin purpose.
Strategic Objectives 5 strategic objectives that articulate our regulatory intent: Competently ahead of the important risks and developments 1. Effective cross-border regulator 2. Support the sustained growth and development of Gibraltar’s 3. financial services sector Efficient, targeted regulation – value for money 4. Accessible – easy to do business with 5.
Organisation – Supporting delivery
Supporting delivery – some key points FSC restructuring • clear focus on firms’ business with us, e.g. authorisation • delivered by teams made up of sector specific staff • senior sector point of contact Recruitment and training to deliver experience, capability and capacity • Technology upgrade to deliver the necessary information capture, analysis and management systems
Supporting delivery – some key points Effective stakeholder engagement plan • More resource put into active early engagement – e.g. use experience of our regulation to inform the changes we make • Overhaul of website Financials • GoG has confirmed financial support • Firms may be subject to normal increases in license fees, subject to consultation • No exceptional increases envisaged.
Benefits • Over 2014 – 2017 strengthened, measured ability to: • Engage openly and constructively • Manage our resources effectively to deal with key risks • Facilitate innovation and competiveness through: • a streamlined approach to authorisation; • a focused approach to supervision; • straightforward regulatory framework • Be recognised internationally as a fair and credible regulator • Make competent and fair decisions • Support consumer confidence in Gibraltar financial services and products.
REGULATORY OPERATIONS Kathryn Morgan Director of Regulatory Operations
Meet our team Regulatory Operations Kathryn Morgan Joanne Beiso Neill Perera Joe Perdoni Head of Authorisations Head of Conduct of Head of Professional Head of Prudential (Acting) Business Services 14
Overview • The restructure in this particular area will improve our focus on risks to our objectives • Our approach to supervision will be • Proportionate • Focused • Risk based • ‘ One size’ doesn’t fit all but everyone will get some supervision • We look forward to confirming your contact points shortly.
Authorisations • Streamlined authorisation process focusing on • Key risks • Quick process • Making sure the people and companies we license meet our standards • We will say no quicker as well • Accessibility and efficiency is key • Current developments include • Improvements to the website • Streaming forms to make the process simpler • Interactive workshops in January
Conduct of Business Supervision • Focus on consumer protection and ensuring that customers of firms are given a fair deal. • The team will look at how a regulated business interacts with customers, and will be assessing how a firm; • classifies customers. • advertises and market its products and services • communicates with customers. • manages conflicts of interest. • manages dealing practices. • complies with due diligence requirements • what type of agreements it puts in place with consumers
Prudential Supervision • Focus on maintaining the stability of the financial system and protecting consumers via supervision of individual regulated firms. • Focus on the protection of consumers and the reputation of Gibraltar via supervision of • how businesses are run. • identifying risks to a firm’s solvency. • how bank depositors’ funds are protected. • how an appropriate degree of protection for policyholders of insurance companies is secured
Professional Services Supervision • Focus on the supervision of fiduciary services providers and audit and insolvency practitioners. • The team will assess • the fitness and propriety of professional trustees, company managers, auditors and insolvency practitioners. • the ethical standards of professional trustees, company managers, auditors and insolvency practitioners • the approach taken by professional trustees and company managers to running their businesses. • compliance by professional trustees, company managers and audit practitioners with due diligence requirements. • the quality of audit work and insolvency work.
Summary Targeted regulator Empowered Value for money Skilled staff Competent Supportive Resources Focused on public focused on interest outcomes mitigating risks Ahead of risks Safe Well prepared Effective Efficient Sustained growth Acknowledged and development experts Accessible and efficient regulator Accessible Straight forward to transact business with
QUESTION AND ANSWER Session
Thank you for joining us today. Don ’ t forget to sign up to our interactive Authorisation workshop Financial Services Commission Roadshow December 2014
Published by: the Financial Services Commission PO Box 940 Suite 3, Ground Floor Atlantic Suites Europort Avenue Gibraltar Photos attributable to gibraltarphotos.com and Javier Amian
Recommend
More recommend
