The Ministry for Finance will be undertaking studies to determine the appropriate structures to safeguard consumers rights when it comes to the buying of financial products,” Finance Minister Edward Scicluna said this afternoon.

He was speaking during the opening address of KPMG’s biennial Financial Services Conference, where he spoke on the need to have the necessary structures in place to safeguard financial services consumers.

The minister said talks are currently underway between the authorities and the regulators to improve  business structures and market practices in the financial sector.

“Among the more immediate is a gap analysis which my ministry will soon be undertaking in order to set up the appropriate structures to ensure consumers are given a fair deal when it comes to buying financial products,” Prof. Scicluna said.

“The results will then be discussed with the stakeholders with a view to securing confidence in our financial system and sustaining our hard-earned reputation in the longer term.”

He said the government also wants to facilitate the development of specialised financial products aimed at attracting and channelling capital into sustainable economic activity.

“Government policies will therefore continue to support innovation in the sector based on carefully thought out strategies that build on the diversity of our financial services sector.”