Chairman’s Report

Annual Report 2014

I have the pleasure in presenting the Annual Report of the Gibraltar Investor Compensation Scheme for the period ending 31 December 2014. This report is made in accordance with Section 6 of the Financial Services (Investor Compensation Scheme) Act 2002 (the Act).

There have been no cases in 2014 that have caused the Scheme to be triggered or that have required action on the part of the Board. The Board opted to retain the scheme’s insurance cover, which will become payable when a participant is declared in default as prescribed by the Act. The level of cover stands at 2.5 million Euros.

The Board continues to monitor developments at EU level in respect of proposed changes to the Investor Compensation Scheme Directive and evaluate the effect that such amendments will have on GICS and its members.

The Board will continue to work with Government, industry and other stakeholders to ensure the operation of the scheme remains efficient, effective and appropriate for Gibraltar.

Details of the current Board are provided in the financial statements.

— Samantha Barrass, Chairperson, Investor Compensation Scheme

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