FSC APPOINTS RESOLUTION SPECIALIST

Early last month, the Gibraltar-Israel Chamber of Commerce held a seminar entitled Winning with Customer Experience, in order to discuss how the customer experience has become the core-differentiating factor that affects clients’ choices. Gibrael founder and Chairwoman Ayelet Mamo Shay commented on the successful event, noting ‘as our world increasingly shifts to digital contact channels, it is imperative for companies to be able to deliver a seamless customer experience across all forms of media.’

Now acting as the Resolution Authority pursuant to the Bank Recovery and Resolution Directive (BRRD), the Gibraltar Financial Services Commission has appointed a new Resolution Specialist. Séamus Hayes has had a long and prolific career in the banking industry, having worked both in the UK and Ireland before moving to Gibraltar five years ago. He has led the successful implementation of various technical European Banking Authority legislative transpositions within the business and wider industry. Séamus’ international banking experience has allowed him to forge strong relationships with key stakeholders within and outside of Gibraltar.

Albert Mena, FSC Financial Secretary says that the BRRD is Europe’s response to the November 2011 G20 commitment to delivering a global initiative following the financial crisis of 2008, particularly focusing on the FSB’s recommendations. The Resolution Authority will ‘make adequate preparation for crises and is equipped with necessary tools to intervene in troubled institutions at a sufficiently early stage to address any developing problems.’ CEO of the FSC Samantha Barrass notes that the Resolution Authority ‘is an important contribution to Gibraltar’s commitment to deliver to global regulatory standards as well as European ones,’ she adds, ‘Séamus’ experience and technical and strategic skill set makes him the right person for this position, and the GFSC is very much looking forward to having him on board.’

Seamus’ new role will entail drawing up resolution plans for banks and certain investment firms in Gibraltar; assessing the recovery plans of institutions as Resolution Authority; and analysing data supplied for institutions to identify risks.