finance
interview by Frankie Hatton Your contract has just been renewed how do you feel about it? Very happy. It has been a fascinating 5 ½ years.,. The FSC has gone through a great deal of change since my tenure started in 2003. Like the industry we have grown significantly in size and we have an impressive team here. In particular we’ve taken on quite a few younger people to build for the future,. In doing this we’ve sought to recruit people with a good attitude and then develop their skills. What do you think makes a good regulator then? Regulators need a number of facets. A key one is that they need to be good listeners. They need to understand what businesses trying to achieve and work with them. This is not a “them and us” situation. Regulators need to know the industry and the context the regulator has in it. Another is adopting the correct approach to regulating. We are required to implement all EU financial services related directives. For a small regulator this is an immense task and very resource intensive. These must, in so far as possible, be done in a way that is right for Gibraltar. Regulators must therefore be fit for purpose, what is the right approach in a larger jurisdiction may not be right here and Vis a versa. In your opinion what is it Gibraltar can do that others can’t? Obviously as part of the EU, we have access to a huge market which many other small international centres don’t have. Also as a small centre particularly in comparison to others in the EU we can be innovative and introduce new products and services faster than our larger competitors. Because of this we can respond to opportunities more quickly.
Marcus Killick:
Innovation is Key
Gibraltar Magazine had a chat this month with the Financial Services Commission’s Chief Executive Officer Marcus Killick. Marcus has just had his contract renewed again up until April 2012 which probably means the people in the know around Gibraltar are secure in the knowledge he is the man to steer our regulatory body through the muddy waters of the credit crunch and global economic meltdown. Given his recent headlines he has more reason than most to be upbeat.
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Like what? For example Shari’ah law based financial products may be a significant opportunity for us. Furthermore, given the Islamic population of the EU and Gibraltar’s geographical proximity to Morocco it is something we could be leaders in developing regionally. These also have other advantages to these products that many non Muslims may also regard as attractive at this time. I believe some of the tenets of Shari’ah law would have prevented activities such as naked short selling that has perhaps contributed to the current economic crisis. We also have a regulatory regime that has passed the latest international assessments with flying colours. This also helps in preserving and enhancing our international reputation. You mentioned the ‘crisis’? At this time the Gibraltar finance centre is still seeing growth. Nevertheless, as an international finance centre, Gibraltar will not be immune from the crisis. Like the recent events in the Isle of Man and Guernsey following the collapse of the Icelandic banks, sometimes small centres are the victims of errors and problems elsewhere and beyond their control. The next 12-15 months will be difficult globally and there may be some levelling off of growth here. After all, we are living through a period few, if any, of us have ever seen. However these things are cyclical and, in the medium term, we will see a new dawn.
GIBRALTAR MAGAZINE • NOVEMBER 2008
21/10/08 18:48:10