Marcus Killick discusses the introduction of a licensing and regulatory regime for personal pension providers in Gibraltar, which aims to address issues of consumer protection and competitiveness in the pension market.
Historically, pension activities often fell outside existing financial service regulations, leading to concerns about unsuitable investments, high fees, and fraud in the pension market. As a response, Gibraltar has implemented new requirements that subject all those involved in the personal pension market to the supervision of the Gibraltar Financial Services Commission (GFSC). This includes licensing, conduct of business rules, reasonable exit charges, and suitability requirements for pension investments.
The article highlights the collaborative efforts of the government, industry, and regulator to create an effective regime that balances consumer protection with competitiveness.
Read the article: Gibraltars new pension regime
(Article first published in Gibraltar International, 2017.)
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