UK ombudsman and lifeboat scheme to extend Gibraltar remit

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 Thursday, March 19, 2020 - 11:41

The government is proposing a long-term legal framework for Gibraltar firms to access the UK market.

It is also looking to “facilitate the maintenance” of regulatory and supervisory arrangements necessary to support the Gibraltar Authorisation Regime (Gar) policy. The UK will work with the government of Gibraltar to develop similar provisions in Gibraltar law to give UK firms reciprocity. 

Alongside this proposal, there is a consultation to assess the UK-Gibraltar financial services relationship and obtain views on the key features of Gar, which will run from 11 March to 11 May.

The consultation paper considers the requirements for Gibraltar firms looking to access the UK market under Gar, Financial Service Compensation Scheme (FSCS) protections, Financial Ombudsman Service (FOS) coverage, changes to market access and wind-down and contractual continuity arrangements.

“The new framework is intended to deliver certainty for Gibraltar firms and minimise disruption to business. It has been designed to protect financial stability, to promote the safety and soundness of firms, to protect market integrity and to ensure high levels of consumer protection in both jurisdictions,” HM Treasury said in the consultation.

19-03-2020 PANORAMAdailyGIBRALTAR