MFSA announces changes in leadership team

MFSA

The Malta Financial Services Authority (MFSA) announced that three UK nationals, David Eacott, Anthony Eddington and Emily Benson are set to take up, in the coming weeks, a number of senior positions within the MFSA’s supervisory area namely banking supervision, financial crime compliance and conduct supervision.

In a press statement, the MFSA announced that David Eacott will be the new MFSA’s Head of Banking Supervision. Anthony Eddington will be the new Head of Financial Crime Compliance while Emily Benson will take up the role of Head of Conduct.

The Malta Financial Services Authority said that the composition of the MFSA’s Executive Committee was completed with the engagement of Ivan Zammit as Chief Operations Officer last month.

Meanwhile, Marianne Scicluna who currently occupies the position of Chief Officer – Supervision shall be availing herself of a one-year career break from the MFSA in order to pursue an opportunity within a regulatory authority in a foreign jurisdiction. Christopher P. Buttigieg and Michael Xuereb will be taking up the roles of Chief Officer – Supervision, and Chief Officer – Strategy, Policy & Innovation respectively.

Malta Financial Services Authority CEO Joseph Cuschieri said that he is very pleased with the progress made so far and confident that with the changes in its leadership team, the Authority will continue to enhance its performance and oversight of the financial services sector, addressing inherent risks and focusing on the implementation of its ambitious strategy in line with IMF and MONEYVAL recommendations.

The MFSA said that following the restructuring which took place early last year, the MFSA has engaged in creating new operational and supervisory functions which include risk management, supervisory ICT and cybersecurity risk, financial crime compliance, data management & business intelligence, FinTech, and programme management.

New due diligence function

The Authority said a new function is being set up to centralise and focus solely on probity, intelligence gathering, due-diligence and ongoing monitoring of fit and properness of individuals and their involvements while operating in the financial services sector.

Authorisations

The licensing and authorisations process within the Authority are set for an overhaul with the merging of sectoral authorisations, such as banking, financial institutions, insurance and pensions, into their respective supervisory functions.

The MFSA said that this merge will ensure a more streamlined and efficient approach throughout the lifecycle of each entity falling within the oversight of the MFSA.

Furthermore, the Authority will be publishing a service level charter by the end of Q1 2020, outlining target timeframes and procedures for each licensing and authorisation application.

The MFSA stated that this process entailed engaging new professionals to join the MFSA leadership team in order to focus on the delivery and implementation of the MFSA’s Vision 2021 and Strategic Plan published in 2019.