The Gibraltar Financial Services Commission has announced a restructure of its Prudential team in a new approach to authorisation and supervision of insurance companies and banks.
The change will see the team both authorise and supervise these respective sectors with the support of other teams within the organisation, reflecting a "growing volume of applications and the increasingly complex nature of the insurance and banking sector business models".
GFSC chief executive Kerry Blight said: "This restructure reflects the growth within these sectors and the GFSC's intention to enhance speed to market and foster closer, more comprehensive relationships between supervisors and licensees. This is the latest step in our approach to improving stakeholder engagement."
Kristian Menez, head of Prudential, will be supported immediately by Monika Sookhee as head of Insurance and Seamus Hayes will assume the role of head of banking shortly. Each head will have oversight of their own supervisory teams with a portfolio of firms.
"This will result in the experienced subject matter experts leading teams who will both authorise and supervise firms allowing the regulator to gain a closer knowledge and understanding of each individual firm's business", the regulator said.
Senior Regulatory Officers within each team will work with dedicated support to oversee a small portfolio of firms to develop a more collaborative approach and bespoke supervisory plans rather than adopting a one size fits all approach. It will also allow for more stable contact points for firms when working with the GFSC as the dedicated team transition the firm from the application stage into supervision.
Blight added: "Both Monika and Seamus are highly experienced in their respective fields and we are very pleased to have them as our new Heads of Insurance and Banking".
