The Commission is a statutory body corporate established by the The Financial Services Act 2019. It consists of the Chief Executive as ex-officio member and seven other persons, at least two of these persons shall have significant experience of regulation and supervision of finance services business in another jurisdiction. The Chief Executive and the other members are appointed by the Minister with responsibility for financial affairs. The Commission has a separate Chairman appointed from within the seven members of the Commission.
The functions of the Commission are to keep under review the operation of Gibraltar legislation and the effectiveness of supervision of financial services; to monitor the extent to which Gibraltar legislation and supervision complies with European Union obligations and supervisory standards governing financial services in the United Kingdom where Community law applies; to protect the public against financial loss arising out of dishonesty, incompetence or malpractice; to advise the Government of Gibraltar and the Government of the United Kingdom on matters concerning financial services; and to draw up codes for regulating the terms of service of persons employed by the Commission.
The Chief Executive Officer is charged with the responsibility of supervising institutions carrying on finance business in or from within Gibraltar. The CEO is required to ensure that such supervision complies with any applicable obligation Gibraltar has as a constituent of the European Union and to establish supervisory standards which match those required by legislation and supervisory practice governing the provision of financial services within the United Kingdom.
Commission Members are not appointed as representatives of a constituency. They are appointed as individuals to bring their personal qualities and experience for the benefit of the Commission. Supervisory bodies need to be independent and this policy preserves the objectivity and independence of the Commission.
The Commission conducts an annual assessment of the performance of its Members and the Chairman. These are led by the Chairman and the Senior Independent Member respectively. Findings of the performance reviews are discussed at the Commission meetings.
Commission Members are provided with formal induction training upon appointment to the Commission and maintain regular contact with industry and related parties in order to keep abreast of current issues.
The current Commission consists of:
(Chief Executive Officer)
|1 October 2019
30 September 2022
|Kerry Blight has over 30 years of experience in the financial services industry having served most recently as CEO at Credit Suisse Gibraltar for over five years and regional Director at Natwest/RBSI Gibraltar for seven years prior. He has also served as Chairman of the Gibraltar Finance Centre Council.
|Stephen Haddrill (Chairman)
||1 August 2020
|| 31 July 2023
||Stephen Haddrill was the Chief Executive Officer of the UK Financial Reporting Council for ten years before retiring from the position in October 2019, bringing in measures such as strengthening of regulatory oversight of ther audit and actuarial professions. He also served as Director General of the Association of British Insurers for almost five years and was recently appointed Director General of the Finance and Leasing Association, the UK trade body for consumer credit and motor and asset finance providers.
|Paul Sharma MA FCA
||15 February 2016
||13 February 2022
||Paul Sharma is head of the EU Regulatory Advisory Services Practice and Managing Director at Alvarez & Marsal Financial Industry Advisory Services LLP based in the UK and at Alvarez and Marsal Benelux B.V based in the Netherlands. He was formerly Deputy Head of the UK’s Prudential Regulation Authority, and prior to that a director at the UK’s Financial Services Authority. He also formerly served as the UK’s alternate member on the Boards of Supervisors of the European Insurance and Occupational Pensions Authority and of the European Banking Authority. He also formerly served on the Basel Committee on Banking Supervision and the Executive Committee of the International Association of Insurance Supervisors. He is an accountant (ICAEW) and an actuary (Honorary FIFA).
||4 March 2017
||2 March 2023
||Peter Isola is the Senior Partner of ISOLAS which is a major law firm in Gibraltar. Mr Isola has worked in the financial services sector all of his professional life and is widely recognised as a leader in this field; with particular emphasis in trust and corporate services and insurance. Mr Isola was the founder Chairman of the Society of Trust and Estate Practitioners, a former President of the Chamber of Commerce and advises HM Government of Gibraltar on a number of committees including a Brexit working group. He is also a Director of a number of gaming and financial Services firms including the Gibraltar International Bank. Peter Isola is the Senior Independent Commission Member of the GFSC.
||10 April 2019
||9 April 2022
||Emilio Gomez commenced his career in 1974 when he worked with two prominent Gibraltarian accountants, Messrs Galliano and Isola, and subsequently became a partner of the international firm, KPMG in 1986. In 2004 Mr Gomez successfully merged his practice with Baker Tilly (Gibraltar) which led to the incorporation of Baker Tilly (Gibraltar) Ltd. During his career Mr Gomez has been president of the Gibraltar Accountants Society, Chairman of the Gibraltar Insurance Association and Chairman of the Gibraltar Finance Centre Council.
||14 August 2019
||13 August 2022
||Richard Hill is currently Managing Director at Ibex having held the role for over 15 years. Prior to that Mr Hill served as a Financial Accountant at Victor Chandler International. He is a member of the Chartered Institute of Management Accountants and studied Economics with Human Geography at Loughborough University.
||17 December 2019
||16 December 2022
||Peter Caetano, a Gibraltarian who has spent the majority of his 35-year banking career aborad, returned home to Lombard Odier in March 2014. He has subsequently started his new role as Managing Director and CEO of Logistable Limited, a GFSC licensed firm, on 1 October 2019.
||5 October 2020
||4 October 2023
||Paul Smee has had a diverse career in finance sector trade bodies, having served as Director General of the Association of Independent Financial Advisors, Chief Executive Officer of the UK Payments Council and more recently, Director General of the Mortgage Lenders up until its merger into UK Finance in 2017. He currently holds a number of non-executive director roles.