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June 18 2025 07:07:21 by PCLMedia
 
The Malta Financial Services Authority (MFSA) has released its 2024 Annual Report, showcasing a year of regulatory advancement, industry engagement, and renewed commitment to safeguarding consumers. The report underscores the MFSA’s dual focus on strengthening market oversight and fostering a resilient, transparent financial ecosystem.

Despite global economic shifts, Malta’s financial sector has continued to grow steadily. It now contributes 8.2% to the nation’s real Gross Value Added (GVA), reflecting a modest but notable increase from the previous year. Employment in the sector also saw a healthy rise, with 14,745 individuals working in financial services by October 2024—representing 5.1% of the total workforce. Since 2020, jobs in the sector have increased by over 21%, highlighting sustained growth and investor confidence.

Sharper Supervision and Enforcement

In 2024, the MFSA intensified its supervisory efforts, leading to a 33% increase in interactions with market participants. The Authority imposed 134 enforcement measures, including nearly €1 million in penalties, 49 public warnings, and 5 consumer notices—underscoring its active role in maintaining market integrity and legal compliance.

Prioritising Consumer Protection and Transparency

The Authority took notable steps to protect and educate consumers, proactively addressing emerging risks and promoting fair practices across the industry. Through extensive outreach—including eleven conferences and workshops, 119 circulars, and 15 targeted letters to CEOs—the MFSA ensured clear communication of regulatory expectations.

Public education campaigns played a vital role in demystifying financial products and alerting consumers to risks such as investment scams and greenwashing, thereby encouraging informed financial decisions.

Developing Talent for a Modern Regulator

The MFSA also focused on internal capability-building, delivering more than 24,600 hours of training through its Financial Supervisors Academy. In collaboration with the University of Malta, it continued to support professional development via a Postgraduate Diploma in Financial Regulation and Compliance, which remains open for applications until 23 July 2025.

Collaboration at Home and Abroad

International cooperation remained central to the Authority’s strategy. MFSA officials took part in over 150 international meetings, engaging with leading institutions such as the European Banking Authority and the European Commission to align with global regulatory standards.

Domestically, the MFSA strengthened ties with the Financial Intelligence Analysis Unit and the Central Bank of Malta. These partnerships aim to streamline regulatory reporting, reinforce efforts to combat financial crime, and better manage systemic risks.

Looking Ahead

Commenting on the report, MFSA CEO Kenneth Farrugia stated:

“In 2024, we advanced significantly in enhancing supervision, aligning with international best practices, and reinforcing consumer protection. Our people remain central to our mission, and we are committed to building a fair, transparent, and future-ready financial sector.”
 

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