The article discusses the regulatory approach of Gibraltar’s new Financial Services Commissioner (2003), Marcus Killick, with a focus on the importance of openness, honesty, and accountability in the financial services sector.
Killick believes that both local financial services players and his team at Europort share responsibilities for maintaining Gibraltar’s reputation in international finance. He emphasises the need for firms to report mistakes or compliance failures rather than attempting to conceal them, as transparency is key to preserving Gibraltar’s image. He acknowledges Gibraltar’s strong regulatory reputation compared to other offshore finance centres and aims to continue this success.
International bodies like the IMF and the Financial Action Task Force have recognised Gibraltar’s regulatory effectiveness in some areas, and Killick is committed to addressing any weaknesses. The article highlights the significant workload brought by external reviews, new EU regulations, directives, and “know your customer” regulations in the banking sector. Killick acknowledges the contributions of his predecessor, Martin Fuggle, in building an efficient team at the Financial Services Commission (FSC) and shaping Gibraltar’s positive financial sector reputation. The article also provides background information about Marcus Killick’s career, including his experience in various financial regulatory roles and his membership in the New York State Bar.
Read the article: FSC: A two way street
(Article first published in The Gibraltar Magazine, 2003.)
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