Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what arrangements exist between authorities in the UK and Gibraltar for cooperation when investigating failed insurance companies at a cost to the public purse.

The Government is committed to maintaining high standards of consumer protection in UK financial services. Authorities within the UK and Gibraltar work together closely, including when insurance firms fail. The current arrangements for cooperation between the financial services regulators in Gibraltar and the UK are set out in a Memorandum of Understanding available here: https://www.fca.org.uk/publication/mou/fsa-mou-gibraltar.pdf.

The forthcoming Gibraltar Authorisation Regime will be a new permanent legislative and institutional framework. It will govern UK market access for certain Gibraltar-based financial services firms, including insurers, and will cement arrangements for insolvency and resolution requirements.