Annual Report 2021

The MFSA is set on remaining an active contributor to the future of Malta’s financial services industry as it commits to building and sustaining a more robust and vibrant sector.

2021 in Numbers

€1.094 billion

The gross value added generated by Malta’s financial

services sector grew by 4.3%

13,906

People employed within
the sector

584

Licence applications received – more than double

the amount processed in 2020

25%

Number of applications

withdrawn or refused

624

Supervisory interactions –

increased by more than 50%

46%

Increase in enforcement actions,

totalling 76

€907,518

Total value of

administrative penalties issued

18,324

Hours of training provided to MFSA staff –

an increase of 12% over 2020

506

Outreach efforts including Notices, Circulars,

Consultations, warnings and events

Our Cross-Sectoral Priorities

One of the Authority’s priorities is to achieve a high level of quality and effective supervision as a means to ensure the stability and sustainability of the local financial services sector. In its ongoing pursuit to become an efficient and effective supervisor, in 2021, the MFSA has:

  • enhanced its financial stability monitoring to safeguard the domestic financial system, specifically for the banking, securities and markets and insurance sectors.
  • continued to invest in a quality workforce by providing further training though its Financial Supervisors Academy and supporting secondments within international institutions and foreign competent authorities.
  • progressed in its digital transformation journey, particularly through the launch of the Authorisation Process Service Charter which sets out the MFSA’s time commitments for applicants and what is expected of them.
  • extended its outreach through the circulars it issued and 18 events that it organised for the industry, as well as the warnings and notices it has published, on top of the consumer education campaigns to keep the general public informed.
  • taken more enforcement actions, as recorded in its monthly supervisory and enforcement dashboard available on mfsa.mt.
  • continued to embed operational risk management practices within its activities, with the aim of establishing a structured risk management process across the organisation.

Our Sector-Specific Priorities

Learn More About Our Work

Supervisory Priorities

2022

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The Nature & Art of Financial Supervision

Check Out the Series

Supervisory & Enforcement Effectiveness Dashboard

See Our Monthly Updates

Consumer Education

Have a Look at Our Campaigns

Financial Stability Reports

Explore Our Research Findings

Strategic Update

View Our Priorities

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