Marcus Killick discusses the role of enforcement in Gibraltar in protecting the public and maintaining the integrity of the financial industry. Killick highlights the significant fines imposed by regulators, such as the FSA and SEC, and their impact as deterrents and revenue sources. He explores the effectiveness of fines, their proportionality to company profits, and the potential burden on customers when financial firms are penalised. Gibraltar’s approach to enforcement, which lacks fining powers, is explained, emphasising actions like license removal, directions, and restitution orders. The article also discusses the importance of international cooperation among regulators and the challenges posed by fraud and misconduct in the global economic cycle. Killick concludes by affirming the FSC’s commitment to effective oversight and enforcement in safeguarding the financial industry and its clients.
Read the article: Fine by me: The role of enforcement in Gibraltar
(Article first published in Gibraltar International, 2011.)
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