There is a huge demand for financial information and knowledge from those who wish to invest their money for their retirement, from people who are already investors, from students and now also from members of the press,” Minister for Finance, Edward Scicluna, told a seminar organised by the Tumas Fenech Foundation for Education in Journalism under the theme ‘The Media’s Involvement in the Financial Services Industry’ on Friday, 22nd January, 2015 at the MFSA.

PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE

More financial literacy will help investors see the whole picture and avoid being mislead or abused, said Prof. Scicluna. Unfortunately, there have been cases of people who lost their lifelong savings after having been convinced to invest in fraudulent products and as a result of a lack of knowledge. The Ministers for Social Policy, Education and Finance are in discussion to co-ordinate a national financial literacy strategy which will address the needs of various groups ranging from pensioners to journalists.

Minister Scicluna also referred to the package of measures that the European Commission is expected to present on the 27th January as part of its effort to prevent tax avoidance by multinationals, and said Malta’s financial services sector has various resources, so it doesn’t have to fear change as it is well prepared for it.

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“Malta boasts of a nucleus of expertise and specialised human resources that allow it to stay ahead,” the Minister said. “Every regulation creates a challenge, but also an opportunity. We cannot bury our head in the sand. There are those who want to resist change and retain everything as it is, but that is not an option now. We have to address the issue, discuss, engage, and compromise in order to retain our competitive advantage.”

– Friday, 22nd January, 2016