Changes to the law in Malta are set to establish the Malta Financial Services Centre (MFSC) as an authority to regulate financial services that include insurance, banking and stockbroking. Previously it was the remit of the Malta Stock Exchange to act as operator and regulator simultaneously but this was viewed as inappropriate.
In addition, a customer complaints office will also be set up within the MFSC to investigate complaints from investors in a bid to help restore investor confidence in the Exchange which has been performing poorly for some time.
Geoffrey Bezzina, currently of the Legal and EU affairs unit in the MFSC, will be in charge of the new office. In an interview with the Malta Business Weekly, Mr Bezzina said that he will be open to any complaints within the sphere of financial services. 'This will not only be in the fields of investments but also for insurance, banking and the regulation of stockbroking,' he said.
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