CHAIRMAN'S STATEMENT
Since 1999, some years before the Consumer Complaints Manager
had later been set up in 2002, the Authority had in place an
informal structure which handled consumer queries and more
importantly, implemented a number of consumer education initiatives
relating to financial services.
The opening up of our retail markets for financial products and
the creation of investment funds which could be sold from local
bank branches, brought about new investment opportunities for
Maltese consumers. This meant that the manner in which financial
products were being marketed and sold to consumers required close
attention.
Many investors, familiar with fixed deposit accounts, were being
offered investments promising better returns. Marketing
information, which at times wrongly compared equity or bond funds
to fixed deposit accounts, led many investors to acquire
investments which were not at all suitable for their circumstances.
There is evidence to suggest
