Two charters for financial and banking services launched

Two charters designed to help consumers when invest and use banking and financial services were launched yesterday by Minister for Social Dialogue, Consumer Affairs, and Civil Liberties Helena Dalli.

Dr Dalli said that through these charters, the Malta Competition and Consumer Affairs Authority will send every home in Malta and Gozo a document informing them of the process, and their rights and obligations in the sector.

She explained that the charter is designed to cater for small investors with little experience, who she said are more vulnerable than others.

At the same time, she claimed, the charter will provide information about the risks and costs involved when a person wished to invest his or her own money, including shares, bonds and investment schemes of insurance and banking products.

As regards the charter related to banking service, Dr Dalli explained that often consumers complain about their lack of knowledge regarding hidden costs and charges. The charter, she said, would explain information and offer assistance in the field.

The publication of the charters, the minister said, fulfils another two pre-electoral promises from the current administration.

The Chairperson for the MCCAA, Helga Pizzuto said that the charter was created in collaboration with the organisation and a number of entities in the financial sector, namely the Malta Banking Association, the Malta Financial Services Authority, the Stockbrokers College, the Malta Association of Small Shareholders and the Malta Funds Industry Association. The charters, which are available in both English and Maltese, can be viewed on www.mccaa.org.mt.