Minister Feetham Addresses Gibraltar Day in London Financial Services Lunch - 671/2024

Minister Feetham Addresses Gibraltar Day in London Financial Services Lunch

The Minister of Justice, Trade and Industry, the Hon Nigel Feetham MP has today addressed the Gibraltar Day in London Financial Services Lunch.

Gibraltar Day Lunch 2024

Hon. Nigel Feetham, KC MP, Minister of Justice, Trade and Industry

Your Excellency, My Lords, Distinguished guests, ladies and gentlemen.

We are here in this magnificent setting today, because of a diary clash with His Majesty's Government in the Guildhall, our usual venue for this event.

It is unfortunate that our Chief Minister the Hon Fabian Picardo is unable to be with us today as I know how much he has been looking forward to this event, but the push for securing a UK-EU Treaty on Gibraltar is all consuming. I know we all wish him well in those important endeavours. I am delighted that my Ministerial colleague and friend Gemma Arias Vasquez is with us today.

It really is a pleasure for me to stand before you again as Gibraltar's Minister for Financial Services and Gaming on this my second Gibraltar Day in London where we come to celebrate the historical and commercial links between the City of London and Gibraltar, in one of the world's foremost financial hubs to speak on behalf of Gibraltar with whom the City of London has worked so closely for many years.

I include under the banner of "financial sectors" our highly regulated gambling industry. Gibraltar hosts some of the major British gambling brands, which are dual regulated in both the UK and Gibraltar. They are a major contributor to the Gibraltar economy. I extend a welcome to those representatives of that industry who are with us today.

Gibraltar's financial sectors continue to grow, in no small measure because of your continued confidence and trust. It is also as a result of our very special relationship with the U.K. that Gibraltar is the only part of the world that is able to have access to the U.K. financial services market on the same basis post-Brexit.

I am very grateful to HM Treasury, the PRA and the FCA who together with my Ministry and our regulator (the GFSC) continue to work tirelessly to deliver GAR, the Gibraltar Authorisation Regime under the UK's Financial Services and Markets Act granting us that access.

We must and will continue to work closer together to ensure we are all meeting the highest international standards whilst energising our entrepreneurial firms to innovate in a manner that is safe and protects our consumers.

As a part of the British family, we put a premium on our reputation as a well-regulated jurisdiction, ensuring that businesses operating within Gibraltar can rely on transparency, security, and confidence.

Furthermore, we are proud to uphold the British principles of the rule of law and good governance.

Our goal is simple: to be a trusted partner of the City of London and by extension a leader in shaping the future of international business.

To this end, I take this opportunity to announce three important pieces of legislation we have been working on over the past months, which will bring Gibraltar closer to the U.K. in terms of overall regulatory approach and shared values.

The first is a new Gambling Bill, which will modernise our existing framework. One of its primary objectives is to ensure that Gibraltar-based operators uphold the highest international standards of consumer protection, alongside our already robust anti-money laundering measures.

Secondly, we will shortly be publishing a Financial Services Bill to align Gibraltar with the U.K. in the remaining areas where alignment was needed. This Bill is a clear demonstration of our commitment to the shared internal market between the U.K. and Gibraltar, ensuring that our financial services sector operates smoothly within the same regulatory framework. By doing so, we reinforce our close ties and maintain the high level of trust and cooperation that is vital to our economic relationship.

Thirdly, Gibraltar remains committed to upholding the highest international standards, ensuring that our geographical advantages are never misused for illicit activities. We will shortly be introducing Unexplained Wealth Order legislation in Gibraltar mirroring the U.K. provisions, reinforcing our shared commitment to British values of transparency, fairness, and the rule of law. Aligning our legal framework with the U.K. in this area, strengthens our close ties further and demonstrates our dedication to upholding the same high standards. This move not only boosts already solid confidence in Gibraltar as a jurisdiction but also enhances our shared legal and economic ties with the U.K.

All of this builds upon the solid foundations previously established in partnership with the U.K., such as the creation of the register of beneficial ownership.

It is through all your collective efforts that I am pleased to report that Gibraltar's share of the U.K. Motor Insurance market now stands at over 35%, our share of the U.K. Online Gaming Industry remains at over 50% and still growing - and all of this, as you would expect, paying our own way contributing in excess of £100m to the MIB annually, some £10-12m to the FSCS annually and over £500m to the U.K. Exchequer in Point of Consumption gaming tax alone.

Our focus on diversification too will ensure that we are not solely reliant on any one sector or market.

Whether it is in banking, insurance, investment management, or the growing FinTech and blockchain sectors, Gibraltar has developed an ecosystem that is global in nature.

Of course, none of this would be possible without our greatest asset: our people.In Gibraltar, we promote an environment where talent, both homegrown and international, can flourish. And our Government is committed to continue to invest in education and training of our people.

My message today is this. For any business leader in the UK seeking a jurisdiction to partner with, I can confidently say that Gibraltar should be a first choice. As a proud part of the British family, Gibraltar offers a robust and reliable legal framework where the rule of law is paramount and our Government is fully committed to supporting businesses and fostering an environment where they can thrive. We also have a corporate tax regime at 15% that not only meets international standards but is designed to be resilient in the face of evolving global tax policies.

Thank you once again for your time and attention. Together, we can achieve remarkable things.

ENDS

Public link

Please use the above public link if you want to share this noodl on another website.