PN condemns government’s plans to raise MFSA license fees

The Nationalist Party expressed its disappointment this afternoon for government's proposal to substantially increase license fees for investment services companies in Malta and for the financial institutions of the country.

Tonio Fenech, the Party's shadow finance minister, said that the PN was angered that the government-published document was done so without any consultation with the Opposition, as was always the practice for the financial services.

"The proposed changes will have a big impact on hundreds of companies in which employ thousands of people in Malta," Fenech said.

He said that whilst the PN appreciates that the regulatory responsibility and supervision of the Malta Financial Services Authority has increased over the years, the increases will, for the most part, be solely due to the fact that government wanted higher revenue from the Authority.

Fenech said that the increases would most likely impact hundreds of clients for small investment companies, most notably elderly persons who may have invested some of their pensions in bonds.

"These increases show that the government views the financial services industry as a cash cow rather than a sector which should be encouraged to grow and create jobs over the long-term," he said.