The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2024 (the “Statutory Instrument”), together with the explanatory memorandum prepared by HM Treasury, have been published in the UK.
The Statutory Instrument extends the transitional arrangements under Part 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (SI 2019/589), thus allowing specified categories of Gibraltar-based firms to provide financial services in the UK and facilitate the access by similar types of UK-based firms to Gibraltar’s financial services market.
The amendment under the Statutory Instrument will ensure that authorised Gibraltar financial services firms can continue to provide services and establish branches in the UK, and facilitate the access by similar types of UK-based firms to Gibraltar’s financial services market, for a further 12 months, until 31 December 2025.
It is expected that these transitional provisions will be superseded by a framework which will be established under the UK's Financial Services Act 2021, the Gibraltar Authorisations Regime (the “GAR”), that will enable market access in financial services between the UK and Gibraltar.
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The financial services industry plays an important role in Gibraltar’s economy and Gibraltar-based firms have made extensive use of the existing market access arrangements between the UK and Gibraltar. According to Government of Gibraltar data from 2024, over 95% of Gibraltar’s financial services business is with the UK. Additionally, over 30% of motor insurance policies in the UK are provided by Gibraltar-based insurers.
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