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Financial Services Commission

Established under the Financial Services Commission Act 1989, the Financial Services Commission is the regulatory authority responsible for all Gibraltar-regulated financial services, including insurance. The Commission is composed of seven members. The Commission is a body corporate and has perpetual succession. The Commission is in effect “the authority” - as the FSC is referred to in the array of financial regulatory. The Financial Services Commission Ordinance 1989 imposes a number of duties on the Commission, amongst which are the requirements to ensure compliance with EU law and supervision relating to financial services and, secondly, to implement standards of legislation and regulatory practice which match UK practice. All insurance and other financial legislation, newsletters and guidance notes can be found on the FSC's website at www.fsc.gi.

In 1997, following an audit by the United Kingdom Review Team, the UK confirmed that Gibraltar’s supervisory regime for insurance matched the standards of supervision in place in the UK. A second statutory reviewed under the Financial Services Commission Ordinance was undertaken in 2004, and the review team confirmed that “insurance supervision in Gibraltar substantially matches legislation and practice in the UK”.

Red Sands Insurance Company (Europe) Limited is licensed and regulated by the Gibraltar Financial Services Commission under the Financial Services (Insurance Compaies) Act 1987 (see FSC website). It is a member of the UK's Financial Services Compensation Scheme, Financial Ombudsman Scheme and The Association of British Insurers.
Registered office: Level 3, Ocean Village Business Centre, 23 Ocean Village Promenade, Gibraltar (Company No. 87598). Copyright © 2014 Red Sands Insurance.