Malta's Financial Sector Thrives with Enhanced Oversight by MFSA in 2024

Overview of the 2024 Annual Report

The Malta Financial Services Authority (MFSA) has revealed its 2024 Annual Report, showcasing a year filled with significant regulatory advancements, strategic reforms, and collaborative efforts with various stakeholders, both locally and internationally. The report underscores the MFSA's commitment to strengthening market oversight while ensuring consumer protection takes center stage in its operations.

Economic Resilience and Growth

In light of a changing economic environment, Malta's financial services sector has shown remarkable resilience. The sector now represents 8.2% of the country's real Gross Value Added (GVA), marking a 0.2 percentage point increase from the previous year. As of October 2024, 14,745 individuals were employed within this sector, accounting for 5.1% of Malta's total workforce. This is a significant achievement as the workforce has expanded by 21.6% since 2020, indicating sustained demand and investor enthusiasm.

Regulatory Engagement and Actions

The MFSA’s efforts in regulatory reach saw a 33% increase in supervisory interactions compared to the previous year. The Authority took decisive enforcement actions, totaling 134, which included fines amounting to €926,485, alongside issuing 49 public warnings and five consumer notices. These measures reflect a proactive stance on maintaining market integrity.

Consumer Protection and Industry Guidance

In 2024, the MFSA intensified its initiatives aimed at safeguarding consumer interests. By identifying potential risks early on, the Authority guided financial institutions towards adopting fairer and more transparent practices. Their commitment to clear communication of regulatory expectations was evident through numerous stakeholder interactions. Over the year, the MFSA hosted eleven industry conferences and workshops, produced 119 circulars, and sent out 15