The editorial Banking On Fair Conduct (September 11) makes a number of valid statements and asks some very significant questions.

The Malta Financial Services Authority need not just "hint" that it investigates trading and business practices relating to the supply of financial services, including bank charges; it has a legal obligation to do so.

Section 4 of the MFSA Act (Chapter 330 of the Laws of Malta) is too long to quote here, but its provisions clearly set out the authority's role in this area.

Another important function of the authority is "to provide relevant information and guidelines to the public". It is encouraging to see the authority's publications being disseminated widely.

More consumers are becoming aware of their rights and, in the process, are demanding a better service, but ultimately, as the leader writer says, "it is up to the consumer to be outraged". In an effort to further educate consumers, the authority will be reporting in greater detail on the outcome of consumer complaints filed this year.

The query was posed as to whether the authority has teeth with which to bite, and "naming and shaming" was mentioned.

The authority's functions would have little relevance unless coupled with adequate powers to enforce compliance. And it is not averse to naming and shaming: It already publishes on its website the names of firms and individuals that have been fined for breaches of financial services laws.