Major increases in financial services fees revealed
New legal notices have introduced higher fees for banks, insurance providers, and financial services companies in Malta. The eight notices amend regulations governing sectors such as retirement funds, banks, trusts, and crypto assets. They include significant increases in application and supervisory fees paid to regulatory bodies like the MFSA. For instance, banks now face a €35,000 application fee and annual supervisory fees ranging from €50,000 to €1.7 million. Fees for companies on the stock market, insurance brokers, trusts, and retirement scheme providers have also risen, with further increases planned over the coming years. These fee hikes, the first in several years, follow Malta’s FATF greylisting in 2021 and efforts to strengthen its regulatory framework. However, they were notably absent from October’s budget speech, which had promised measures to attract businesses in niche sectors like fintech and AI. (Maltatoday)
Former Labour officials to face criminal charges on powerstation deal – reports Keith Schembri and Konrad Mizzi are expected to face criminal charges over plans to receive payments from 17 Black, an offshore company owned by Yorgen Fenech. A magistrate’s inquiry, recently submitted to the Attorney General, concluded that Schembri, Mizzi, and Fenech should be charged, though the specific allegations remain undisclosed. The investigation focused on plans for 17 Black to transfer millions to Schembri and Mizzi through offshore companies in Panama. At the time, Fenech was leading Electrogas, the consortium awarded a €450 million contract to build and operate a power station in Delimara. Former Electrogas director Paul Apap Bologna and Mario Pullicino, the local agent for the station’s fuel tanker, are also expected to face charges. Both were linked to offshore structures similar to 17 Black. Leaked emails revealed that 17 Black was intended as a key funding source for Schembri’s and Mizzi’s Panama companies. (Times of Malta)
Pension increases come into force
The Ministry for Social Policy announced on Friday that pension increases have come into effect at the start of 2025, as outlined in the 2025 Budget. The new rates provide an additional €8 per week, amounting to €416 annually, benefiting 119,000 recipients. The Ministry noted that the government has allocated €87 million towards pensions and benefits this year, reflecting its ongoing commitment to social support. Over the past decade, pensions have risen by over €70 per week, with Minister Michael Falzon highlighting an 83% increase in pension expenditure compared to 2013. “This growth in social spending underscores the Government’s dedication to social justice, not just in principle but through tangible action,” Falzon said. He added that numerous laws, benefits, and initiatives introduced over the years have supported families, pensioners, vulnerable groups, people with disabilities, workers, women, and young people.
