The Nationalist Party this afternoon expressed disappointment over government plans to substantially increase licences for investment services companies and other financial institutions.

Finance spokesman Tonio Fenech said a document published by the government had not been discussed with the opposition even though in the past it was the practice to seek agreement on financial services.

He said the raising of the fees would impact hundreds of companies who employ thousands of workers. While the regulatory responsibilities of the Malta Financial Services Authority had increased over the years, the increases would not be covering these responsibilities but were a consequence of the fact that the government wanted a higher revenue from the Authority.

Mr Fenech said the increases would mean a burden of thousands of euro for small investment services companies. This was likely to impact hundreds of their clients, notably elderly persons who invested some of their pensions in bonds.

These increase, he said, showed how the government viewed the financial services industry as a cash cow rather than a sector which should be encouraged to grow and create jobs.

He insisted the increases should not be brought into force before they were discussed with all involved.

There are five categories of licences, with the fees rising from €450 to €5,000.