Financial Services Commission
Gibraltar's Financial Services Commission is the body that regulates
the finance sector. It was set up by an ordinance in 1989, which
came into effect in 1991, setting up this commission as a statutory
body.
The Commissioner is appointed by Gibraltar's Governor and is responsible
to:
- keep an eye on how legislation is being followed
- keep tabs on how effectively financial services are being supervised
- monitor how closely Gibraltar's finance legislation complies
with EU and UK standards
- protect the public from financial loss due to dishonesty, incompetence
or malpractice
- advise both Gibraltar and UK governments regarding financial
issues
The Commissioner is also the Commissioner of Banking and the Commissioner
of Insurance as well as the CEO in charge of supervising the institutions
that carry out financial business both in or from within Gibraltar.
Consumer Complaints
Consumers who feel dissatisfied with the products of services
of a financial institution that is regulated by Gibraltar's Financial
Services Commission (FSC) can register a complaint with this body.
However, complaints must first be sent to the senior management
of the company in question. It is advisable to have a copy of your
complaint stamped upon delivery in order to have proof of submission
should you need to bring the matter before the FSC.
The FSC is not authorised to mediate between businesses and consumers
and is no substitute for legal advice or action. It can, however,
be useful to register your complaint so that this body can take
appropriate measures to avoid the problem's recurrence.
