§ Mr. ColvinTo ask the Secretary of State for Foreign and Commonwealth Affairs when he expects to reach agreement with HM Treasury on Financial Services passporting for Gibraltar; and if he will make a statement. [76639]
§ Ms QuinIn June 1997, after discussions involving the Department of Trade and Industry, the Foreign and Commonwealth Office and HM Treasury, HMG approved the passporting by Gibraltar-based insurance companies of insurance services into the UK and elsewhere in the European Union.
HMG, acting on advice from the Financial Services Authority, have explained to the Government of Gibraltar and the Gibraltar Financial Services Commission what measures need to be in place before HMG will be in a position to approve the passporting by Gibraltar-based credit institutions of banking services into the UK and elsewhere in the European Union. We understand that the Government of Gibraltar and the Financial Services Commission expect to satisfy these requirements in the near future.
The regulation of investment services in Gibraltar is less advanced than the regulation of banking services and insurance services. HMG hope to provide the Government of Gibraltar and the Financial Services Commission in the near future with guidance on which measures need to be in place before Gibraltar seeks HMG's approval for the passporting of investment services into the UK and elsewhere in the European Union.