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.
Our Mission is to provide financial services regulation in an effective and efficient manner in order to promote good business, protect the public from financial loss and enhance Gibraltar’s reputation as a quality financial centre. Our Mission statement sets out our core purpose. Everything that we do at the GFSC is designed to support its delivery.
Our Vision is to be recognised by our stakeholders as the model international financial services regulator. Our Vision provides the guidance and inspiration to our staff and is the driving force behind our work at the GFSC.
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 Objectives
Our five strategic objectives underpin our core purpose and set out the focus for delivery of our Mission and Vision.
Ensure we continue to be a competent regulator, ahead of the important risks, well prepared for Government of Gibraltar, EU and international initiatives, and acknowledged as experts in the markets regulated.
Ensure we are an effective, professional cross border regulator, empowered, with skilled staff working as a team and focused on the public interest outcomes that are important in all the jurisdictions where Gibraltar firms operate.
Ensure we support the safe, sustained growth and development of Gibraltar’s financial services industry, balancing competitiveness with the maintenance of best regulatory practice.
Ensure we are an efficient, targeted regulator, providing value for money, with resources that are focused on mitigating important risks and thus protecting the public, financial markets and the reputation of Gibraltar.
Ensure we are an accessible and efficient regulator, straightforward to transact business with, interacting easily with all of our stakeholders – with this including industry, Government of Gibraltar, international bodies and consumers.
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:
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.
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.
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.