The Gibraltar Financial Services Commission has recently taken a much tougher stance on its regulation of the pension scheme providers in Gibraltar.
This is evident by the requirement for providers to obtain a new licence – a Class XVI Personal Pension Scheme Controllers Licence which allows for the activity of establishing, operating or winding up a personal pension scheme.
IVCM Trustees (Gibraltar) Limited have been granted a new licence.
While there is no deadline in place for the Gibraltar regulator issuing a Personal Pension Scheme Controllers Licence in Gibraltar, there is a risk that some providers may not be granted a Licence.
Therefore, from a due diligence point of view, Advisers and Clients should start reviewing their pension provider in Gibraltar asking if they have been granted a new licence yet or ask what feedback the provider has received from the regulator.
IVCM Gibraltar have been granted their new licence and have had an investment acceptability policy along with client classification checks in place since their scheme was established.
These checks have ensured a limited exposure to toxic investments and correct classification of investors to investments.
The new Class XVI Personal Pension Scheme Controllers Licence was created by new Regulations, known as Financial Services (Pensions) Regulations 2017.