The FSC has today announced Marcus Killick's resignation after ten years at the head of Gibraltar's financial services regulator.
In a press release issued earlier:
"The Financial Services Commission has announced today that its Chief Executive Officer Marcus Killick has decided to stand down. Mr Killick has led the Gibraltar regulator for ten years and has made an outstanding contribution to the ability of the FSC to meet the ever increasing demands of both the financial sector and international regulatory requirements. Mr Killick, who is one of the longest serving heads of a financial services regulator in the world, announced his decision to the Board at its meeting in March. Mr Killick will remain in post until the appointment of his successor, which the Commission hopes can be completed by September 2013.
Mr Killick commented
"It has been a privilege for me to work with the entire team at the FSC. They are motivated and talented and have all, without exception, joined to work collectively and professionally in becoming the strong team they are. Having served for 10 years I believe the time is now right for a new CEO to drive forward in the medium to long term. I have always said this was my last term, and believe it in the best interests of the Commission for this transition to take place now.
I am grateful to the many Board members for their support and guidance over the years and to the Chairmen I have had the pleasure of working with. I would also like to acknowledge the work of the former and present Chief Ministers in their support of the Commission and particularly in safeguarding its independence.
I am proud of what we have achieved these past 10 years and believe we are well placed for the challenges of the future.
I remain committed to Gibraltar and look forward to now working in the private sector here for many years."
Commenting on the announcement, Alan Whiting, Chairman of the Commission said:
"The Board has reluctantly accepted Marcus's decision to step down. For ten years Marcus has led the Commission with great skill and integrity to establish the FSC as a highly respected financial regulator both in Gibraltar and internationally. He has been a great champion for the Commission and for Gibraltar. We are therefore delighted that he has agreed to remain in post for several months to assist with and ensure a smooth transition to his successor.
The Commission will now commence an open recruitment process to appoint a new CEO.
I would like to express, on behalf of the Board and all associated with the FSC, our deep gratitude and to convey our good wishes for Marcus's future"
ISOLAS would like to join in the chorus of thanks from the industry for the many years of dedication and service to the local industry and wish him well in his new endeavours in the local community.