Malta’s reputation as a financial service needs to be protected

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http://maltawinds.com/2018/04/15/maltas-reputation-as-a-financial-service-needs-to-be-protected/

Direct appointments of key posts at the MFSA do not augur well for the independence of this institution

The Nationalist Party augur success to Mr Joseph Cuschieri for his new role as Chief Executive Officer of the Malta Financial Services Authority.

However, we strongly highlight the need for the Authority to restore its transparency and autonomy in the manner appointments are being made. Without discrediting the credentials of the newly appointed CEO, his appointment being handpicked, does not augur well for the independence of this institution.

Malta’s reputation is key for the sustainability of this sector. For the past year, Malta’s reputation has been under the spotlight in the wake of the Panama Paper leaks coupled with further revelations on Government’s apparent disregard for the rule of law.

The financial services sector has been one of the major driving forces behind Malta’s economic performance in the past, a major employer in our country and becoming a centre of excellence in the sector due to the Nationalist Party being the visionary, facilitator and having set an objective to become a well-established, respected European financial jurisdiction.

The success is also attributed to the collective efforts of the regulator, the stakeholders and the political consensus maintained between successive Governments and the Opposition.

The Nationalist Party has repeatedly advocated the need to consolidate, Malta’s position in financial services through the strengthening of the regulatory Authority, for the further development of Malta’s financial sector and for the need to consolidate Malta’s position in the financial services though an in-depth review of the regulatory framework for the purpose of providing a new sense of direction, addressing risk, strengthening operations in Malta and expanding their value added.

The Nationalist Party will remain committed to ensure MFSA and all the relevant financial institutions will restore its serious, fair and independent manner of regulating. 

Kristy Debono

Opposition spokesperson for Economy, Financial Services and Innovation