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GFSC Authorisations and Conduct of Business team restructure

15 Oct 21

The GFSC have announced a restructure of its Authorisations and Conduct of Business teams that reflects a new sector specific approach towards the authorisation and supervision of applicants and regulated firms. This follows a successful transition earlier in the year within the Prudential team in respect of banking and insurance. 

Reporting to Amanda Eccleston as the Head of Authorisations and Conduct of Business, four Heads (supported by Maite Martin as Manager), will oversee four sector led teams who will be responsible for the following portfolio of applicants/regulated firms:  

  • Kerris Fryer - Head of Insurance Conduct (covering insurance intermediaries and insurance companies conduct)
  • Paul Garner - Head of Pensions and Advisory (covering all pension related permissions, life insurance intermediaries, and MiFid Category 3 investment advisers)
  • Jill Kwan - Head of Markets, Investments and Banking Conduct (covering markets, MiFid Category 1 & 2’s investment firms and banking conduct)
  • Sam Vatvani - Head of Funds, E-Money Institutions and Consumer Credit (covering all fund related permissions, e-money and consumer credit firms) 

This approach will result in applicants and existing licensees having a more continuous and dedicated point of contact within the GFSC. Also, by centralising the in-house expertise for these sectors, teams will become the subject matter experts in both the authorisation and supervision of firms. This will lead to improved working relationships with applicants and their service providers enabling a more proactive and focused understanding of each sector.  

The GFSC’s CEO, Kerry Blight said “This restructure further builds on the GFSC’s continuous efforts to make interacting with the regulator as straight forward and accessible as possible. Having received feedback from firms and industry associations we have introduced a sector based approach to the authorisations and supervision. We are confident that this new approach will provide us with the appropriate structure to deliver on our regulatory objectives and speed to market commitment.”

The restructure takes effect 1st November.

There are no changes to both the authorisation and supervision of the following sectors as they are already sector led: DLT, Trust and Company Service Providers, Auditors, Bureaux de Change.

Kerris Fryer

Head of Insurance Conduct

Paul Garner

Head of Pensions and Advisory

Jill Kwan

Head of Markets, Investments and Banking Conduct

Samir Vatvani

Head of Funds, E-Money Institutions and Consumer Credit

Kerris joined the GFSC as the conduct lead for the insurance sector.  She has developed the enhanced Conduct of Business strategy and approach to the supervision of insurance companies and insurance intermediaries.

Kerris has over 20 years insurance industry experience including being accountable for the development and maintenance of products and services at Aviva. 

In 2014 Kerris acted as a consultant for companies such as Scottish Widows and HSBC. During this time, she led a range of strategic development and regulatory change projects.

Her expertise spans a number of functional areas including operations, risk and technical compliance.

Paul joined the GFSC in 2015 as a Technical Specialist following many years of experience as a financial adviser within Gibraltar’s life insurance, pensions and investments industry.

Paul went on to become a Technical Expert within the Conduct of Business Team and drove the policy work which contributed to the introduction of the Financial Services (Pensions) Regulations 2017. Since this time Paul has been the GFSC lead on pensions supervision and the main point of contact at the GFSC for the Gibraltar pensions industry.

Most recently, Paul has also led on the GFSC’s implementation of the Private Sector Pensions Act and the GFSC’s new Pension Commissioner function.

Jill joined the GFSC in December 2018 as a Senior Advisor, Capital Markets. Since joining, she has worked in both the Conduct of Business and the DLT & Exchanges teams, focusing on the authorisation and supervision of MiFID market operators, investment firms and firms governed by the Gibraltar DLT framework.

Prior to joining the GFSC, she was an Associate Director of Regulation at the ICAP Securities & Derivatives Exchange (ISDX), which operated a UK Recognised Investment Exchange, in primary markets regulation.

Jill also worked at the UK Financial Conduct Authority for fourteen years primarily in Listing Department, undertaking prospectus reviews with a focus on fixed income, structured products and Global Depositary Receipts.

She spent the early years of her career at the London Stock Exchange in the Legal Department and in Global Business Development.  

Sam joined the GFSC in 2016 and has most recently served as the Authorisation’s team Manager.

During his time at the GFSC, Sam has worked in both AML/CFT Supervision, contributing to  Gibraltar’s MONEYVAL assessment and the Authorisations team.

Sam has led on the enhancements to the GFSC’s authorisation process focusing on making the function more streamlined and increasing speed to market. 

Sam previously worked at Grant Thornton Fund Administration Limited.

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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