The UK government agreed, at a UK-Gibraltar Joint Ministerial Council (JMC) meeting on 8 March 2018, to guarantee that Gibraltar financial services firms can continue to enjoy current levels of access to UK markets during the transitional period – from Brexit Day on 29 March 2019 to 31 December 2020. Ahead of this, the UK government pledged to work closely with the government of Gibraltar to design a replacement framework to endure beyond 2020 that is based on shared, high standards of regulation and enforcement, together with modern arrangements for information-sharing, transparency and regulatory co-operation.
The UK also provided assurance that gambling operators based in Gibraltar will continue to access the UK market after Brexit in the same way they do now, and is working to develop a Memorandum of Understanding that will enable closer working and collaboration between gambling regulators in Gibraltar and the UK.
The UK has further provided assurance to Gibraltar that, following Brexit, it will continue to work together through the JMC process to ensure that Gibraltar’s priorities are considered in negotiations with the EU, and that it will ensure transport arrangements to support Gibraltar’s prosperity and maintain the current reciprocal healthcare and higher education arrangements between the UK and Gibraltar.
These assurances are very welcome. Gibraltar-based insurance companies currently provide insurance cover to about 20% of the UK motor insurance market, so continued financial services access to the UK market is essential. For Sovereign, it means that Gibraltar-based Sovereign Insurance Services (SIS) and Sovereign Asset Management (SAM) can continue to provide services into the UK market without the need to establish a presence there.
It also means that Gibraltar will also continue to serve as a valuable financial services ‘gateway’ to the UK. The Gibraltar Financial Services Commission is currently working with a number of EU and non-EU financial services firms that are looking to establish in Gibraltar in order the access the UK market.
Sovereign has a compelling suite of services to assist the growth and sustainability of businesses in Gibraltar – from licence applications, corporate formations, insurance, occupational and corporate pension schemes, payroll, company secretarial and administration services, through to asset protection and wealth management solutions.
