Finance Minister acknowledges ‘significant’ work to be done during visit to MFSA

Minister for Finance and Employment Clyde Caruana visited the Malta Financial Services Authority as part of the pre-budget campaign “What country do you wish to leave your children?”, welcoming onboard new CEO Joseph Gavin. 

Minister Caruana described Mr Gavin’s engagement as part of the restructuring to strengthen the local financial services. Over the years, the financial services have significantly contributed to gross value added and thousands of real highly paid careers to the Maltese Market. 

“The amount of work that needs to be done is significant, but we all know this has been a long-time coming. It is my personal commitment to see this through, and step-by-step lay the vision for years to come that this sector and our country deserves,” said the Minister.

Newly appointed CEO, Joseph Gavin said, “As I join the Authority during these challenging times, together with the Chairman and the Executive team, I am set on collaborating closely with the Government’s National Coordinating Committee and the entities within to keep providing our assistance for Malta to move beyond this phase. The MFSA’s mandate for the year to come will be to enhance the efficiency of its regulatory processes and drive improvement in the culture and conduct of the industry, through intrusive supervision and effective enforcement. I have great faith in our resolve to build a vibrant financial services sector that is robustly regulated.”

Chairman John Mamo said “I am pleased to welcome Clyde Caruana, Minister for Finance and Employment at the MFSA offices, and thank him for his ongoing support. I also look forward to working with Joseph Gavin, our new CEO at the MFSA, whom I can describe as the right man at the right time and in the right place.”

Over the coming weeks, Minister Caruana will continue his visits to several other entities to convey the Government’s vision for the forthcoming Budget.