The Malta Financial Services Authority has today, the 12th January 2007, launched its Strategic Plan for the next three years - 2007 to 2009. The Strategic Plan was officially launched in the presence of the Hon. Parliamentary Secretary Tonio Fenech.
The MFSA Chairman, Prof JV Bannister welcomed the Hon. Parliamentary Secretary and members of the press to this important event and gave a short presentation on the new Strategic Plan.
This is the first three-year Strategic Plan of the Malta Financial Services Authority. When the Authority was set up in 2002, responsibility for supervision of all financial services providers and consumer protection were placed under the responsibility of one organisation resulting in a consistent approach to regulation linked to the legitimate aspirations of consumers. The plan outlines the MFSA’s vision of itself based on its core values of integrity, fairness, accountability, resourcefulness, teamwork whilst being committed to excellence. The Strategic Plan also gives the MFSA’s vision of the financial services sector that is based on five main characteristics, namely efficiency, effectiveness, stability, prudential regulation and infrastructure.
The Authority has set a number of objectives and goals that it intends to implement over the next three-year period. These fall broadly under four main areas; 1) networking with other organisations in order to maximise the effectiveness of the regulatory regime and the management activities, 2) operating risk based regulatory practices to better anticipate threats which may potentially harm companies and ultimately consumers, 3) continuously upgrading technology to enhance the operational effectiveness and to improve public access to the Registry of Companies and other information, and 4) sustaining and improving organisational excellence through continuous staff training.
The development of the Strategic Plan involved all the Heads of Units at the Authority and members of staff in their respective Units.
The Hon. Parliamentary Secretary Tonio Fenech thanked the MFSA Chairman and said that the MFSA Strategic Plan (2007 – 2009) envisages in the medium to longer term, an increasingly diversified sector that is underpinned by a set of dynamic institutions operating in a highly competitive domestic and international environment according to their different strengths and market niches.
A vision of a diversified, competitive and well-regulated financial services sector is a vital component of the country’s economic growth and development. To move forward in this direction the market is increasingly relying on new technologies and innovative methods of product and service delivery, as well as the development and retention of high value skills and specializations. These demands will be further fueled by competitive pressures driving companies to seek cost efficiencies and meet increasingly sophisticated client expectations.
The MFSA’s Strategic Plan is a commitment and a responsibility which the Authority will not be taking lightly. The objectives that have been set are well thought out and achievable. The Hon Parliamentary Secretary said that he is certain that just as much as this strategy is important to the smooth functioning of the MFSA in the years to come, its successful implementation will also have a strong, positive impact on the financial services sector, its stakeholders and the economy of the country as a whole.
An electronic copy of the Strategic Plan 2007 – 2009 document can be found on our website at: http://www.mfsa.mt/newproto/public/pages/information/malta%20reports/malta%20reports.asp
