Gibraltar regulator denies accusations from MCE

Rock of Gibraltar

The Gibraltar Financial Services Commission (GFSC) has stated that it “strongly denies” recent accusations made against it by MCE Insurance.

Earlier this week MCE accused the regulator of applying capital add-ons to financial structures that it had previously “either proposed and or approved, then subsequently worked with MCE to implement”.

The dispute follows MCE’s Gibraltar-based insurer arm, MCE Insurance Company, going into run-off on 5 November.

Accusations
The GFSC said in a statement:

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