Insurers based in Gibraltar are to come under scrutiny following the announcement of an independent review of the Financial Services Commission (FSC) in Gibraltar.

Richard Pratt would lead the review, scheduled to start within the next four months, said the Gibraltar Governor Sir Francis Richards.

FSC head of insurance supervision Chris Collins said the review would examine the FSC to check it was implementing the regulatory controls and standards required by the UK.

Pratt is expected to publish a report of his findings in September, and Collins said the FSC would consider any recommendations made.

Former insurance supervisor Jim Costing said the last review, held in 1997, was a fairly detailed examination.

He said that on that occasion the FSC was given a clean bill of health.