Malta Financial Services Authority Launches Consumer PortalBy Lex Yaranu | Tuesday, September 15th, 2015
The Maltese Financial Services Authority (MFSA), which is responsible for the regulation for all financial markets in Malta (including binary options) has launched a full-fledged portal for consumers of financial trading products in Malta.
The new portal known as My Money Box, was created in order to give consumers a full-fledged portal to access information about the financial services industry as well as register any complaints they may have about their broker. This portal is another innovation of the MFSA in its determination to sanitize the binary options market in Malta, which had previously been under the purview of the gaming commission and which therefore did not give traders a firm response whenever there were cases of broker infractions. The My Money Box portal features the following:
- A section on Consumer advice
- Full information on how to lodge complaints
- Warnings about the latest scams and how to recognize and avoid a typical scam.
- A downloadable DVD on how the My Money Box portal can be fully utilized by users.
- Many other interesting features.
The portal can be described as a compendium of impartial information from the regulator about financial products and services, presenting the facts as they are without making any attempt to sell anything to the user. There is also a fully loaded frequently asked questions section which addresses the common questions that users generally have.
To start using My Money Box, the user must create an online account with a username and password, which subsequently will be used to login to use the portal. The username and password will also be needed to fill the online complaints form. The user also has the choice of deciding whether to receive the periodic newsletters from the regulator or not.
This is a very useful resource for traders who use brokers that are licensed by the MFSA. They also have an online register of its regulated brokers. So if you are doubtful of the status of a regulated broker, you can use the online inquiry form to find out for yourself if the broker in question is in good standing with the regulator or not.Published in News & Analysis