MFSA calls for financial services firms to have coronavirus contingency plans

Malta Financial Services Authority says it expects regulated firms to have Covid-19 contingency and business continuity plans

(Stock photo)
(Stock photo)

The Malta Financial Services Authority is calling on licensed firms in the finance sector to have contingency plans in place to deal with any situations which could arise due to the coronavirus.

Yesterday, the financials services regulator conducted its operations  with half its staff working off-site to test its own contingency plan for the coronavirus.

“Following yesterday’s successful large scale test of its remote working facilities, as part of its Covid-19 contingency and business continuity planning, the MFSA continues to closely monitor developments in relation to the spread of COVID-19 to assess the impact on the economy, consumers and the financial system, whilst ensuring that public health advice and guidance from the local Health Promotion and Prevention of Disease Directorate are being adhered to,” the watchdog said in a statement on Tuesday.

“As Malta’s single regulator of financial services, the MFSA is working with a number of financial services industry players to ensure that regulated firms are responding effectively to the evolving situation,” the Authority said.

“The MFSA expects regulated firms to take all reasonable measures in order to have appropriate contingency plans in place to be able to deal with any eventuality.

“The MFSA is also maintaining a close dialogue with the Central Bank of Malta, European Supervisory Authorities, as well with the European Central Bank, to take appropriate actions, in line with identified risks.”

The regulator added that it was encouraging financial services firms to get in touch through the usual channels should they have any queries.

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