New legislation to be proposed by the Maltese government in the near future will see the establishment of a Financial Arbiter within the financial services sector. The primary role of the Financial Arbiter will be that of receiving consumer feedback from clients of financial services and proceeding to make recommendations to financial service providers based on this, as well as delivering binding decisions with regards to this sector.
Deputy Prime Minister Louis Grech announced this in his speech during FinanceMalta’s 8th annual conference entitled “Building on Success, Reaching New Horizons”, at which CSB Group was also present. The establishment of a Financial Arbiter is deemed by the government to be a step in the right direction in ensuring that Malta remains at the forefront of the industry through the high quality of service offered to investors.
Grech outlined that Malta currently enjoys an excellent reputation within the financial services sector, majorly due to Maltese laws and regulations safeguarding its governance and encouraging innovation. This is highly advantageous for investors and yields Malta most of its present success.
Furthermore, Grech remarked that the ongoing developments within the EU’s regulatory framework for the financial services industry will inevitably raise Malta’s profile as a safe location in which to invest. Thus, Malta is fully committed and willing to cooperate with EU directives enforcing additional market supervision and regulation and customer protection mechanisms. Grech further elaborated that it is imperative that these directives are applied and enforced as seamlessly as possible into Maltese law, however a degree of flexibility by the Member State remains important.
Complementing Malta’s efforts to remain at the forefront of the financial services industry, the deputy Prime Minister mentioned Malta’s National Development Bank. This project is well underway and nearly on the point of being proposed to the European Commission by the experts in charge. This new body will have the ability to manage projects and ventures that enhance Malta’s social and economic growth, such as infrastructural development, access to funding for SMEs and supporting commercial banks.
