The Office of Fair Trading (OFT) has published its 2024/25 Annual Report, and it makes for very interesting reading. It includes everything from business licence trends to AML enforcement and digital reform and gives a snapshot of how Gibraltar’s regulatory environment is evolving. We’ve covered a lot of these developments as they have been aanounced, but here’s our summary of its key points.

Business licensing: activity remains high

• 1,114 business licence applications were processed, including 794 new applications.
• 4,085 businesses were listed as active on the register.
• The largest growth came from service-based businesses (construction, IT, consultancy) and retail (food, clothing, personal care).

AML enforcement: real estate in the spotlight

• 22 real estate inspections took place, resulting in 6 warning notices and £6,800 in fines.
• While 75 percent of firms were found to be highly compliant, common failings included lack of documentation and incomplete UBO registers.

Consumer protection: digital tools and growing reach

• The OFT handled 412 consumer complaints, opening 71 formal investigations.
• AI tools are now being used to triage complaints and streamline responses.
• 50 social media campaigns helped increase awareness of consumer rights.
• 168 product recall notices were issued.

Startups and small business support

• The Gibraltar Enterprise Scheme (soft loan fund) has moved to a year-round application cycle.
• The Europort Start-Up Hub officially launched, offering co-working space for early-stage ventures.
• The OFT participated in SME engagement through GFSB-hosted roundtables and feedback groups.

Digital transformation progress

• New digital business registration certificates were introduced.
• The OFT reports increased use of its eGov platform and plans to further streamline licensing and compliance processes.
• A shift toward more proactive guidance was noted, but some businesses still report inconsistent communication and unclear expectations.

A new name and a broader remit
The OFT will soon become the “Department for Business,” reflecting its expanding responsibilities beyond regulation. Whether this leads to clearer, more supportive engagement with the business community remains to be seen.

What we think
The report shows positive steps toward modernising regulation, supporting startups, and improving AML compliance. But challenges remain:

• More transparency is needed around enforcement actions and standards.
• Communication between businesses and regulators must keep improving.
• With the upcoming Transaction Tax and new EU Treaty obligations, practical guidance and consistent dialogue will be more important than ever.

The GFSB will continue to advocate for fair, clear, and proportionate regulation that supports growth. What do you think about the OFT’s report? Share your views in the GFSB’s community pages.

Access the full report