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clear in its view on acceptability of business in the jurisdiction. Supporting that position there is a greater capability in our supervisory teams in targeting cases that are causing more concern.”
Taylor’s candid: “Part is looking at the powers we have and making sure people understand them – where we have the power to impose sanctions and using them in appropriate cases fairly and proportionately; [it’s also] not thinking we don’t have the powers. There has been concerns over whether the organisation actually had the powers to address issues, and I have been able to identify – and give confidence to the organisation – that we do have those powers.”
He’s been heavily involved in updating Gibraltar’s financial services legislation, which he expects to be complete by year-end, part of which concerns penalties for transgressions.
In some pieces of legislation there is a maximum £10,000 fine and under European Directives, it can be up to £5m or 10% of turnover. “There is a range of what we might want, but the government hasn’t decided”, he notes diplomatically. [Samantha Barrass
revealed to Gibraltar International in Autumn 2015 that she had “an aspiration” to raise the potential level of discretionary fines from £10,000 to reach “possibly £100m to £200m”.]
Appropriate penalties
“Certainly, it is intended to get us to the appropriate level of penalties and other sanctions,” Taylor emphasised. “We might use a range of sanctions, such as cease and desist orders, or suspend people for a period of time – there’s a whole range of things to address issues more flexibly.”
Had he ever regretted taking legal action? Taylor pauses for thought. “Not really, no; sometimes you regret that the Courts have not agreed with your interpretation of the issue, but part of the Regulator’s role is also not to be too risk averse in taking cases”, he suggests, referencing a former NZ Solicitor General, who believed “if you are winning more than 50% of your cases as a regulator, you are not doing your job, because that may be a sign of being too risk averse. Part of the regulator’s role is to test the application of the law and to
see where the true boundaries lie”. He has three daughters - the youngest,
Madeleine (24) is in Gibraltar, finishing a Masters Degree in Chemistry from Otago University, Dunedin; whilst Eleanor (25) with a degree in fine arts from Canterbury University, Christchurch, works in administration at Oxford’s Blavatnik School of Government; the eldest Claire (27), has recently qualified as a doctor and works in Adelaide. NZ-born Debbie, is a resting clinical psychologist specialising in supporting young children and their families.
So is Europe home, or does NZ again beckon? “I think we will aim to return to NZ at some point – it’s a question of when. When I came over our thinking was two to four years, and we’ve already been here two years, so it looks as though we are moving towards the four years”, he concedes.
In the meantime, the couple are considering applying for Irish passports, both having family background there. “I’d then have three national passports, so we are well-placed if it becomes difficult to travel post-Brexit!”
Ray Spencer
Perspective matters
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