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Malta's Financial Sector Grows Steadily as MFSA Sharpens Oversight and Protection
At the regulatory level, 2024 was marked by increased supervisory engagement, with supervisory interactions rising by 33% year-on-year. The Authority took 134 enforcement actions, issuing €926,485 in penalties, alongside 49 public warnings and 5 consumer notices, underlining its proactive approach to upholding market integrity.
Throughout the year, the MFSA stepped up efforts to safeguard consumer interests, identifying emerging risks early and guiding firms toward fairer, more transparent practices. Regulatory expectations were clearly communicated across the industry through regular stakeholder engagement. In 2024, the MFSA, hosted eleven industry conferences and workshops, issued 119 circulars, and published 15 "Dear CEO" letters.
Consumer education remained a key priority. Campaigns focusing on topics such as financial scams, greenwashing and bond investments helped simplify financial products for retail users, empowering individuals to make better-informed decisions.
The Authority reinforced its position as a forward-thinking employer by investing significantly in training and professional development. Over 24,600 training hours were delivered via the Authority's Financial Supervisors Academy. In 2024, the MFSA also collaborated with the University of Malta to launch a Postgraduate Diploma in Financial Regulation and Compliance, which is now running for the second year, with applications closing on 23 July 2025 .
International engagement remained a priority in 2024. MFSA officials participated in over 150 international forums and held high-level meetings with global standard setters including the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, and the European Commission. Meetings were also held with other foreign regulators to exchange best practices.
On the domestic front, partnerships with the Financial Intelligence Analysis Unit (FIAU) and the Central Bank of Malta (CBM) contributed to a more harmonised approach to regulatory reporting aimed at further reducing administrative burden on the industry, as well as financial crime prevention, and systemic risk mitigation.
Reflecting on the achievements of the past year, MFSA Chief Executive Officer Kenneth Farrugia commented:
The full MFSA Annual Report 2024 is available for download at www.mfsa.mt/annual-report-2024/.
The Malta Financial Services Authority (MFSA) is the single regulator of financial services in Malta . More information can be found at https://www.mfsa.mt/ or contact the MFSA Communications Office at communications@mfsa.mt.
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