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Appointment of new GFSC Chairman

21 Oct 20

The Gibraltar Financial Services Commission (GFSC) welcomes the appointment of Stephen Haddrill as the new GFSC Chairman. Stephen was appointed to the Commission in May 2020 and was the Chief Executive Officer of the UK Financial Reporting Council (FRC) for ten years before retiring from the position in October 2019. Prior to his time at the FRC, Mr Haddrill was Director General of the Association of British Insurers.  

Stephen said of his appointment: “I am very much looking forward to taking up my role as Chairman at this important time for the jurisdiction and its financial services industry. The GFSC has achieved a lot over the past year, supporting the industry and consumers through the pandemic and carrying out an extensive programme of stakeholder engagement.” 

Stephen replaces current Chairman, Dr Jonathan Spencer, whose tenure at the Commission ends in early October 2020. Jonathan was appointed to the Commission in October 2011 and has served as Chairman since February 2016. 

Kerry Blight, GFSC Chief Executive, said: “On behalf of the GFSC I want to thank Jonathan for his help and guidance to me since I took up the role. His experience and leadership has been invaluable and we are grateful for his service. I would also like to give a warm welcome to Stephen. I look forward to working closely with him to deliver the GFSC’s objectives and to support Gibraltar’s financial services industry whilst we navigate our way through this new COVID-19 environment and the effects of Brexit.”  

Dr Jonathan Spencer said: “It has been an enormous privilege to serve the Commission for almost a decade. I am grateful for the hard work of my fellow commissioners and the GFSC staff who diligently serve the Commission and who have responded admirably to the challenges we have faced. I have also greatly enjoyed working with Minister Isola and his team and I am thankful for their steady and consistent financial and other support throughout my time as Chairman. I wish Stephen the very best as he takes forward the mantle of Chairman.” 

Minister Isola said: "I am delighted to welcome Stephen Haddrill as the new Chairman of the Financial Services Commission and I look forward to developing an excellent working relationship. The Commission is, naturally, operationally independent of the Government but this does not in any way preclude us from working together closely whilst always respecting clear boundaries that cannot be crossed. Stephen brings a wealth of experience and strategic vision for which we are very grateful." 

Separately, Minister Isola has issued a press release thanking Dr Spencer for his long period of service at the Commission.

Notes to Editors

1. The GFSC is a regulator of the Gibraltar financial services market, regulating providers of financial services conducted in both Gibraltar and other jurisdictions. The GFSC's vision is to be an efficient, forward looking, and credible regulator, that is fair and proportionate, and works collaboratively with stakeholders.

2. The GFSC's regulatory objectives are the promotion of market confidence; the reduction of systemic risk; the promotion of public awareness; the protection of the good reputation of Gibraltar; the protection of consumers and the reduction of financial crime. 

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Gibraltar Financial Services Commission
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