The Malta Financial Services Authority (MFSA) enhances its commitment to financial literacy, launching initiatives to empower consumers and protect against financial risks.
The Malta Financial Services Authority (MFSA) has reaffirmed its commitment to consumer protection, placing financial literacy at the forefront of its strategic priorities. The authority’s efforts are designed to empower individuals across Malta with the knowledge and tools necessary to navigate the increasingly complex financial landscape, thereby fostering responsible decision-making and contributing to a more stable economy.
Central to this initiative is the MFSA’s collaboration with various stakeholders through the Malta Financial Services Advisory Council (MFSAC). This partnership aims to create and implement educational programs that cater to the diverse needs of consumers. By engaging with a broad spectrum of stakeholders, the MFSA seeks to ensure that its financial literacy initiatives are both comprehensive and effective, addressing the challenges faced by consumers at different stages of their financial journeys.
To support this mission, the MFSA has established an internal financial literacy committee. This committee, composed of members from various departments within the authority, is tasked with developing strategies that enhance the public’s understanding of key financial concepts. The committee’s work is crucial in translating the MFSA’s commitment to consumer protection into tangible actions that benefit the wider community.
Sarah Pulis, the Head of Conduct Supervision at the MFSA, emphasized the importance of these efforts, stating, “At the MFSA, we believe in providing consumers with the necessary tools to find their way through the financial landscape safely and responsibly. By fostering financial literacy, we are not only helping consumers make better choices but also building a stronger, more resilient economy. We are committed to continuing our efforts in this area and look forward to working with our stakeholders to achieve this goal.”
Campaigns and Outreach: A Comprehensive Approach
This year, the MFSA has already launched several key initiatives aimed at raising awareness and enhancing financial literacy among the public. One notable campaign focuses on combating “greenwashing,” a practice where financial products and entities make misleading environmental claims. The campaign emphasizes the importance of transparency and accountability, ensuring that consumers can make informed choices based on accurate information.
In May, MFSA officials actively engaged with the public during the Public Service Expo, providing valuable insights into financial scams and frauds. Additionally, in collaboration with Gemma and the Malta Bankers’ Association, the MFSA delivered a presentation in Gozo, further educating the public on how to protect themselves from financial risks. The authority is also conducting a series of lectures for members of the Malta Association of Small Shareholders, covering topics such as the regulation of crypto assets and the role of the MFSA in ensuring financial stability.
The MFSA’s outreach efforts extend to the media, with representatives participating in a series of television interviews. These interviews have covered a wide range of topics, including essential pre-contractual information, understanding investment services, and distinguishing between authorized and unauthorized entities. The discussions also highlighted the MFSA’s approach to financial crime compliance and the dangers of “cold calling,” a common tactic used in financial scams.
Looking Ahead
Recognizing the diverse needs of the Maltese population, the MFSA is planning to increase its direct engagement with various consumer groups in the coming months. Particular attention will be given to children, young adults, and the elderly, with the aim of fostering a culture of financial prudence and responsibility across all age groups.
As the MFSA continues to expand its financial literacy initiatives, it remains committed to its overarching goal of protecting consumers and ensuring a stable and resilient financial system in Malta. Through education and proactive engagement, the authority is helping to build a more informed and empowered community, better equipped to make sound financial decisions in an increasingly complex world.
