Education and employment minister Evarist Bartolo insisted this evening that it was time for MFSA chairman Joe Bannister to move on after 20 years in the post.
Speaking in parliament during the debate on a bill to include the EU's Mortgage Credit Directive in the Consumer Affairs Act, Mr Bartolo that he was not sure whether the local financial services watchdog would carry out its new duties to protect consumers.
The directive promotes responsible lending practices across the European Union and entitle consumers to clearer information when seeking mortgages.
“The Malta Financial Services Authority must change its ways and protect consumers, unlike what it has done in the cases involving the BOV Multi Property Investment Fund, All Invest and MFSP. I would love to see the MFSA protecting consumers, in particular the most vulnerable,” Mr Bartolo said.
He also hit out at what he said were dubious direct orders running into million euros awarded by the MFSA.