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The Commission is a statutory body corporate established by the Financial Services Commission Ordinance, 1989. It consists of the Commissioner, as Chairman, and seven other persons, four of whom shall have relevant experience in the United Kingdom and three of whom shall have relevant experience in Gibraltar. The Commissioner is appointed by the Governor, acting with the approval of the UK's Foreign and Commonwealth Secretary, and the other members are appointed by the Governor, acting with the approval of the Foreign and Commonwealth Secretary, after consulting with the Commissioner.

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.