The governments of the UK and Gibraltar have engaged Deloitte to ensure regulatory alignment between the countries following the UK’s planned departure from the European Union in 2019, according to The Gibraltar Chronicle.
Post-Brexit regulatory alignment is a key element of the UK’s commitment to continued market access for Gibraltar-based re/insurance firms.
Accordingly, Deloitte will undertake a diagnostic assessment of the Gibraltarian re/insurance regime, against the benchmark of the UK regulatory regime.
“The work will help the two governments in ensuring alignment of regulatory outcomes in the insurance sector,” a Gibraltar Government spokesman told the Chronicle.
“This will involve a new, modernised agreement on market access for Gibraltar to be introduced after 2020 and based on shared, high standards of regulation, and underpinned by information-sharing, transparency and regulatory co-operation,” the spokesman explained.
Deloitte was appointed by the UK Treasury to oversee the consultancy work on June 20 following the publication of a letter that invited firms to bid for the role.
The letter stated that Gibraltar’s continued access to UK financial services is reliant on mutual confidence in regulatory standards, supervisory capacities and capabilities, and commitment to information sharing.
The UK Government has committed to maintain Gibraltar’s access to the UK insurance market on current terms until 2020, and this work will ensure the Gibraltar Government and Financial Services Commission maintain the standards for a long-term relationship beyond this date, the letter added.
