Consumer Awareness and Education
Conduct supervision aims to ensure an appropriate degree of protection for consumers of financial services. Consumer protection lies at the heart of conduct supervision. The MFSA protects consumers from the harm that can be caused by the misconduct of firms. This is done in a variety of ways. One fundamental tool used by the MFSA for the appropriate protection of consumers is consumer education – educating consumers of their rights and duties.
The MFSA therefore, not only seeks to ensure that consumers are made aware of the products and services they are purchasing through the provision of enough information, but also that they are aware of their rights and duties with respect to the same products and services.
Empowering consumers through education, allows consumers to make informed decisions when purchasing financial products and services.
The MFSA regulates disclosure and conduct by banks relating to the products and services provided by them (such as deposits, cards, loans, payments or the exchange of foreign currencies). The MFSA is, therefore, responsible for promoting the safety and soundness of deposit taking institutions (i.e. banks).
The MFSA is responsible for the licensing and supervision of entities providing investment services in or from Malta. The regulated entities would be licensed to provide investment services in relation to those financial instruments (for example shares, bonds) listed in their licence.
Before you purchase an insurance policy, you should know what products are available on the market. There is a variety of insurance products on the market and a number of companies offering them.
Understanding your needs is only part of the Financial Planning lifecycle. Analysing the Financial lifecycle is a useful tool for making financial planning and asset allocation decisions. However an individual’s own circumstances are his/her priority, and the lifecycle should only be used as a guideline.