IT systems at the MFSA are claimed to be rudimentary and with no centralized data management system and reporting generating tool. MFSA staff have to filter physical files to retrieve information which lends itself to grave mistakes. Maltawinds.com is told that this is one of the reasons that mistakes have been occurring at the Authority and also the reason for certain unexplained delays. This is the pitiful state of affairs the MFSA is in, despite having for more than 3 years a Director of Finance and Risk Management who is the Chairman Pharmacist Bannister anointed MFSA Chief Operating Officer.
In a seminar in 2006 the MFSA had declared that there was a disaster recovery plan for the authority. Maltawinds.com is informed that ten years later this is not the case. MFSA does not have a disaster recovery plan.This is the case in spite of the fact that this falls under the direct responsibility of the Director which is to be given the role of COO by Bannister. If the siad Director failed in this, how can the industry put its mind at rest if the same person is appointed COO?
MFSA should publish the disaster recovery plan if it has one. Malta Financial Services industry is dependent on the authority. Consequently if the same does not manage risk then the industry is at risk. If there is no plan then the said Dircctor should carry responsibility and Prof Bannister should declare whether he is backing her appointment as COO or not.
Hon Evarist Bartolo has on more than one occasion declared that the position of Bannister is not tenable particularly in view of the conflict on interest he has with respect to directorships in an offshore jurisdiction.