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GFSC Prudential team restructure

07 Jun 21

The GFSC have announced a restructure of its Prudential team that reflects its new approach towards the authorisation and supervision of insurance companies and banks. Going forward the team will both authorise and supervise these respective sectors with the support of other teams within the organisation.

This change is a result of the growing volume of applications and the increasingly complex nature of the insurance and banking sector business models.

Kristian Menez, Head of Prudential, will be supported immediately by Monika Sookhee as Head of Insurance and Seamus Hayes will assume the role of Head of Banking shortly. Each Head will have oversight of their own supervisory teams with a portfolio of firms. 

This will result in the experienced subject matter experts leading teams who will both authorise and supervise firms allowing the regulator to gain a closer knowledge and understanding of each individual firm's business. Senior Regulatory Officers within each team will work with dedicated support to oversee a small portfolio of firms to develop a more collaborative approach and bespoke supervisory plans rather than adopting a one size fits all approach. It will also allow for more stable contact points for firms when working with the GFSC as the dedicated team transition the firm from the application stage into supervision.

The GFSC’s CEO, Kerry Blight said: “This restructure reflects the growth within these sectors and the GFSC’s intention to enhance speed to market and foster closer, more comprehensive relationships between supervisors and licensees. This is the latest step in our approach to improving stakeholder engagement.

”Both Monika and Seamus are highly experienced in their respective fields and we are very pleased to have them as our new Heads of Insurance and Banking”.

Prudential Team Management

 

Kristian Menez

Head of Prudential

 

Monika Sookhee

Head of Insurance

Séamus Hayes

Head of Banking

 


 


 


 

Kristian is Head of Prudential Supervision at the GFSC and is a member of the Senior Management Team. Kristian has worked with firms in the banking and insurance sectors since the start of his professional career in London in 2001.

 

Kristian has extensive experience in the Financial Services sector having previously worked as an Audit and Consulting Partner for a Big 4 audit firm providing advice and services to Gibraltar and multinational firms.  His expertise spans a number of functional areas within the GFSC (including Authorisations) and his previous roles include being the Chair of the Technical Committee’s for both the Gibraltar Society of Accountants and Gibraltar Insurance Association.

 

Since joining the GFSC in 2017, Kristian’s focus has been the enhancement of the protection of consumers and ensuring the stability of the Gibraltar banking and insurance sectors through the authorisation and supervision of firms at the GFSC.

 

Monika joined the GFSC in 2015, after working at KPMG Gibraltar focusing on audit and advisory projects.

 

As a Senior Manager at KPMG, Monika also led their general insurance and e-gaming portfolios and sat on the Audit Faculty of the Gibraltar Society of Accountants. Monika is a Fellow of the Association of Chartered Certified Accountants and has a degree in Accounting and Finance from the London School of Economics.

 

During her time at the GFSC, Monika has worked across both the Prudential Supervision and the Authorisation team, where she has led on the strategy and approach to the authorisation of insurance companies and worked within the organisation to develop policy and approach relevant to the supervision of insurance firms.

 

Séamus is an experienced finance professional in the local Banking community, with an established career over 15 years in the Ireland, UK & Gibraltar.

 

Following his relocation to Gibraltar in 2011, Séamus served as the Finance Director and regulatory liaison for the Lloyds Bank business. During this time, Séamus acted as the President of the Gibraltar Bankers Association and delivered a number of key technical and legislative transpositions. Since 2016, Séamus has headed up the Resolution and Compensation Unit at the GFSC, aiming to enhance financial stability and consumer protection frameworks within the jurisdiction.

 

 

 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. 

Press Release contact details

Contact Name

Press office

Contact E-mail

media@gfsc.gi 

Address

Gibraltar Financial Services Commission
PO Box 940
Suite 3, Ground Floor
Atlantic Suites
Europort Avenue
Gibraltar

Tel

+350 200 40283 

Fax

+350 200 40282

Web-site

www.gfsc.gi