factors leading to the growth of professional services such as private banking and captive insurance management. Gibraltar has several positive attributes as a financial centre, including a common law legal system and access to the EU single market in financial services. The Financial Services Commission (FSC), which was established by an ordinance in 1989 (now an Act) that took effect in 1991, regulates the finance sector. In 1997, the Department of Trade and Industry established its Gibraltar Finance Centre (GFC) Division to facilitate the development the financial sector development. As of 2012, Gibraltar has 0.103 Big Four accounting firm offices per 1,000 population, the second highest in the world after the British Virgin Islands, and 0.6 banks per 1,000 people, the fifth most banks per capita in the world.
The currency of Gibraltar is the Gibraltar pound, issued by the Government of Gibraltar under the terms of the 1934 Currency Notes Act. These banknotes are legal tender in Gibraltar alongside Bank of England banknotes. In a currency board arrangement, these notes are issued against reserves of sterling. Clearing and settlement of funds is conducted in sterling. Coins in circulation follow British denominations but have separate designs. Unofficially, most retail outlets in Gibraltar accept the euro, though some payphones and the Royal Gibraltar Post Office do not
