The Gibraltar Financial Services Commission has overgone a complete overhaul in order to have a "flatter, wider and more inclusive" management structure.
GFSC chief executive Kerry Blight will have direct line management responsibility for each member of the new management team, the commission said in a statement announcing the change.
The restructure coupled with previous cost management action taken within last few months, including a recruitment freeze and no replacement of staff who left the GFSC, has resulted in permanent full-time employee numbers reducing from above 100 to 78.
The restructure and cost management action taken are a proportionate response to streamlining the organisation and to being cost-effective in achieving the GFSC's regulatory objectives"
Blight said: "The restructure and cost management action taken are a proportionate response to streamlining the organisation and to being cost-effective in achieving the GFSC's regulatory objectives, including promoting good business, protection of consumers and enhancing Gibraltar's reputation as a quality financial centre."
The new and wider management team will continue with the GFSC's stakeholder engagement initiative both locally and internationally to ensure a positive climate for the benefit of Gibraltar's financial services industry, the GFSC added.