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Malta Financial Services Authority Amplifies Focus on Financial Literacy and Consumer Protection
August 11 2024 08:07 by PCLMedia
The Malta Financial Services Authority (MFSA) has underscored consumer protection as a fundamental pillar of its strategic framework, with a renewed emphasis on advancing financial literacy across the nation. This initiative is central to the MFSA’s broader goal of cultivating a financially informed and responsible society.
The MFSA is committed to "fostering responsible and informed financial decision-making by investors," a mission that is vital to ensuring a robust and transparent financial system. By empowering individuals with the knowledge they need to make sound financial choices, the Authority aims to contribute to the overall stability and resilience of the economy.
In line with this mission, the MFSA is actively coordinating with other key stakeholders through the Malta Financial Services Advisory Council (MFSAC). This collaborative effort is pivotal in the development of comprehensive educational programs that cater to the varied needs of consumers across all demographics. The Council's role is crucial in shaping a national financial literacy agenda that addresses both current and emerging challenges in the financial sector.
Internally, the MFSA has established a dedicated financial literacy committee comprising members from diverse functions and specializations within the Authority. This committee is charged with the task of designing and implementing strategies that promote a deeper understanding of financial concepts among the general public. Their work is aimed at equipping consumers with the necessary tools to navigate the complex financial landscape safely and effectively.
Sarah Pulis, Head of Conduct Supervision at the MFSA, highlighted the importance of this initiative, stating:
"At the MFSA, we believe in providing consumers with the necessary tools to find their way through the financial landscape safely and responsibly. By fostering financial literacy, we are not only helping consumers make better choices but also building a stronger, more resilient economy. We are committed to continuing our efforts in this area and look forward to working with our stakeholders to achieve this goal."
In 2024, the MFSA has already launched a consumer campaign focused on the critical issue of greenwashing—ensuring that environmental claims made by financial products and entities are transparent and substantiated. This campaign is part of a broader effort to safeguard consumers from misleading information and practices in the financial sector.
Further reinforcing its commitment to public engagement, MFSA officials have participated in various outreach activities, including direct interaction with the public during the Public Service Expo in May. Additionally, a presentation on scams and frauds was delivered to the public in Gozo, in collaboration with Gemma and the Malta Bankers’ Association. These initiatives are designed to increase awareness of potential financial risks and to educate the public on how to protect themselves from fraudulent activities.
Moreover, the Authority is conducting a series of educational lectures tailored for members of the Malta Association of Small Shareholders. These sessions cover critical topics such as the regulation of crypto assets and the role and function of the MFSA in safeguarding consumer interests.
The MFSA’s outreach efforts also extend to media engagement, with representatives participating in a series of television interviews. These interviews cover a broad range of topics, including the importance of pre-contractual information, understanding investment services, identifying authorized versus unauthorized entities, the Authority’s approach to financial crime compliance, and the dangers associated with ‘cold calling.’
Recognizing the diverse needs of different consumer groups, the MFSA is planning to increase face-to-face contact in the coming months, particularly with children, young adults, and the elderly. This targeted approach aims to instill a culture of financial prudence and responsibility across all age groups, ensuring that the benefits of financial literacy are accessible to everyone.
Through these comprehensive initiatives, the MFSA is not only addressing immediate consumer protection needs but also laying the groundwork for a financially secure and informed society in the future.
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