A press statement issued by the Parliamentary Secretariat for Financial Services, Digital Economy and Innovation refers to a press release issued by the Opposition with regard to the MFSA and the Government.
In the statement the Government notes that once again the Opposition has deliberately chosen to politicise the financial services sector in Malta by disseminating blatant lies. The Opposition knows only too well that the MFSA is an autonomous authority which, after recent changes in legislation, has been given more tools to further strengthen its governance.
These changes were pioneered and carried out by the current Government, with the objective of strengthening the MFSA’s autonomy with two key amendments. Firstly, that the Minister responsible for the MFSA is no longer the person who decides the remuneration packages of the Authority—the MFSA now establishes its own employee remuneration package. This package is then discussed in a parliamentary committee made up of both Government and Opposition members.
Secondly, the Government has removed what is known as ‘Directive 7’, meaning the Authority no longer needs the consent of the Permanent Secretary to engage new employees. The MFSA establishes and decides its own human resource requirements. Political intervention in this Authority is now a thing of the past—and a thing of previous administrations who now want to point fingers against those taking actions to maintain and safeguard the role of this regulatory authority.
The statement concludes that this Government, in stark contrast with the Opposition, will continue to work to strengthen the financial services sector to create even more jobs, plus safeguard the economic growth emanating from this important sector for Malta.