Expats On Gibraltar To Get Financial Watchdog And New Laws

Expats living on Gibraltar may get financial compensation and a financial watchdog once the Brexit transition is a done deal.

The British government is now keen to extend its financial compensation and watchdog provisions to British citizens living and working on Gibraltar once the Brexit transition is done and dusted. Britain’s Treasury office has now launched a consultation aimed at discovering the extent of consumer and market support available for the idea.

Under consideration will be the setting up of a financial ombudsman able to deal with user complaints and a compensation scheme safeguarding moneys held in investments and on account at banks. For many years, both schemes have been run successfully in Britain, and financial services companies on the Rock have now been allowed to access the UK market post-Brexit. Temporary arrangements permitting access are already in place and, once permanent arrangements come into play, the government would like to introduce a long-term regime allowing market access for IFA firms based in Gibraltar.

In order to heighten consumer protection, new measures will be undertaken to ensure firms are stable, safe and conforming with high levels of protection for transactions. The measures will be based on aligned standards of supervision, enforcement, financial regulation and authorisation, with co-operation, information sharing and transparency between regulating bodies set up and supervised. The new arrangements are the result of the complicated laws between the EU and UK, and based on the Rock’s present overseas territory status and its EU treaties which will end one Brexit is completed.