The Banks listed below are authorised under the Financial Services (Banking) Act for deposit taking business. Most of these institutions are also authorised to conduct investment business and other types of regulated business. All financial institutions in Gibraltar are controlled by the Financial Services Commission – click on the link above for full details.
Bank J Safra (Gibraltar), PO Box 542, Suite 971, Europort, Gibraltar.
Bank Audi (Suisse) SA, Neptune House, 204 Marina Bay, Gibraltar.
Barclays Bank PLC & Barclays Private Clients International, PO Box 187, Regal House, 3 Queensway, Gibraltar.
Credit Suisse (Gibraltar) Ltd, First Floor, Neptune House, Marina Bay, Gibraltar.
EFG Bank (Gibraltar) Ltd, PO Box 561, Suite 4A, Eurolife Building, 1 Corral Road, Gibraltar.
IDT Financial Services Ltd, PO Box 1374, First Floor, Montarik Building, 3 Bedlam Court, Gibraltar.
Jyske Bank (Gibraltar) Ltd, PO Box 143, 76 Main Street, Gibraltar.
Leeds Building Society, 1st Floor, Heritage House, Gibraltar.
Lloyds TSB Bank (Gibraltar) Ltd & Lloyds TSB Bank PLC, PO Box 482, First Floor, Royal Ocean Plaza, Ocean Village, Gibraltar.
Lombard Odier Darier Hentsch Private Bank Ltd, PO Box 407, Gibraltar.
Newcastle Building Society, 197-201 Main Street, Gibraltar.
Norwich & Peterborough Building Society, PO Box 535, 198/200 Main Street, Gibraltar.
SG Hambros Bank (Gibraltar) Ltd, PO Box 375, Hambro House, 32 Line Wall Road, Gibraltar.
The Royal Bank of Scotland (Gibraltar) Ltd, PO Box 766, Suite 4A, Eurolife Building, 1 Corral Road, Gibraltar.
The Royal Bank of Scotland International (NatWest & RBS International), PO Box 707, 57/63 Line Wall Road, Gibraltar.
Turicum Private Bank Ltd, PO Box 619, Turicum House, 315 Main Street, Gibraltar.
Although Gibraltar is viewed as an off-shore banking location it has signed 18 tax information exchange agreements (TIEAs) to bring it in line with OECD requirements on money laundering and tax evasion. To date of those 18 the agreements with the USA, Greenland, Denmark, Austria, Finland, Ireland, Sweden, Australia and Norway have been enforced.
Gibraltar also exchanges tax information with the UK.
DEPOSIT PROTECTION SCHEMES
The Gibraltar Deposit Protection Scheme covers 90 per cent of a bank's total liability to a depositor, subject to a maximum payment to any one individual of GBP18,000 (or EUR20,000, if greater). A bank’s total liability to a depositor is the aggregate of all accounts in the name of that depositor, including the depositor's share in a joint account or a client account. Joint accounts are normally divided equally between account holders.
However, the FSC points out that a number of deposit-takers operating in Gibraltar do so as branches of UK banks or building societies. In these cases, the deposits are covered by the UK Financial Services Compensation Scheme, which, as of October 7, 2008, guarantees deposits up to a limit of GBP50,000. These branches include Barclays Bank PLC, Leeds Building Society, Lloyds TSB Bank plc, Newcastle Building Society, and Norwich & Peterborough Building Society.
FSC Chief Executive to step down after 10 years at the Commission's helm
The Financial Services Commission has announced today that its Chief Executive Officer Marcus Killick has decided to stand down. Mr Killick has led the Gibraltar regulator for ten years and has made an outstanding contribution to the ability of the FSC to meet the ever increasing demands of both the financial sector and international regulatory requirements. Mr Killick, who is one of the longest serving heads of a financial services regulator in the world, announced his decision to the Board at its meeting in March. Mr Killick will remain in post until the appointment of his successor, which the Commission hopes can be completed by September 2013.
Mr Killick commented
"It has been a privilege for me to work with the entire team at the FSC. They are motivated and talented and have all, without exception, joined to work collectively and professionally in becoming the strong team they are. Having served for 10 years I believe the time is now right for a new CEO to drive forward in the medium to long term. I have always said this was my last term, and believe it in the best interests of the Commission for this transition to take place now.
I am grateful to the many Board members for their support and guidance over the years and to the Chairmen I have had the pleasure of working with. I would also like to acknowledge the work of the former and present Chief Ministers in their support of the Commission and particularly in safeguarding its independence.
I am proud of what we have achieved these past 10 years and believe we are well placed for the challenges of the future.
I remain committed to Gibraltar and look forward to now working in the private sector here for many years."
Commenting on the announcement, Alan Whiting, Chairman of the Commission said:
"The Board has reluctantly accepted Marcus's decision to step down. For ten years Marcus has led the Commission with great skill and integrity to establish the FSC as a highly respected financial regulator both in Gibraltar and internationally. He has been a great champion for the Commission and for Gibraltar. We are therefore delighted that he has agreed to remain in post for several months to assist with and ensure a smooth transition to his successor.
The Commission will now commence an open recruitment process to appoint a new CEO.
I would like to express, on behalf of the Board and all associated with the FSC, our deep gratitude and to convey our good wishes for Marcus's future career."
FSC Launches an App for smartphones
The FSC is pleased to announce that an App has been released which is aimed at keeping firms up to date with regulatory developments.
The App was developed locally by Alan Pereira for the FSC as part of its continued commitment to effective communication with its stakeholders.
The FSC has been a keen adopter of new technologies, RSS Feeds, Twitter, Blogging and Facebook and has been using these technologies so that regulated firms and others may keep up to date with all the latest thinking on regulation. Unfortunately many corporate IT systems prohibit users from gaining access to these technologies from behind the corporate firewall.
The FSC contacted the developer to put together an App that would aggregate this information on user’s phones and tablet devices.
The FSC App has initially been released on the iOS operating system for the iPhone, iPad and iPod Touch and can be downloaded from the iTunes App Store for free. Search for “TheFSC” under the finance section of iTunes App Store. https://itunes.apple.com/gb/app/thefsc/id604390885?mt=8
An Android operating system version of the app is to be released shortly.
The Deputy Chief Executive of the FSC, David Parody, who has been leading the App’s development for the FSC commented:
“We are hoping for a quick uptake of the App from senior management and compliance staff so that they can remain up to date with all the EU developments taking place as well as any other stories and news items that can be of use.
We also understand that we are one of the first regulators worldwide to have a dedicated App.”
Payment Services Consumer Guide
The FSC has today published a guide aimed at helping consumers understand the different aspects of payment services which are covered under the Payment Services Directive. This Directive was transposed into local legislation via the Financial Services (EEA) (Payment Services) Regulations 2010.
The guide provides information for consumers on the payment services industry. It advises consumers about important matters to consider and areas to look out for when carrying out transactions with a payment services institution.
This publication is easy to follow and user-friendly. It is divided into various sections, including the rights and obligations of both the consumer and the payment services provider. It also contains a glossary of commonly used payment services terms.
Heidi Bocarisa, Head of Banking & Investment Services Supervision, said:
"The term "payment services" covers a wide range of activities, such as payments into bank accounts, direct debits, standing orders and also relates to many types of firms: such as banks providing these activities, credit card companies, and money transfer operators. Since 2010, firms that provide payment services have been required to meet certain standards. Users of payment services also have certain obligations. The purpose of this publication is to provide what we hope is a simple yet informative guide that users of payment services can refer to."
Government will work with Barclays in Review Period
Her Majesty's Government notes the statement made today by Barclays Bank Plc in respect of the review of their branch operations in Gibraltar.
Barclays have been operating in Gibraltar for 125 years and they currently employ over 100 people. Government has been briefed on the circumstances behind the review of the business in Gibraltar and across the European operations of the Bank, as announced in the conclusions of its Strategic Review on the 12th February. The Government will be working closely with new Country Manager for Gibraltar, Mr Nigel Riley, in the coming weeks and months of the review in order to seek to secure the future of the business and the jobs of all those employed by Barclays in Gibraltar.