Issue link: https://maltatoday.uberflip.com/i/1161128
29.08.19 14 NEWS THE MFSA has published for consultation new conduct of busi- ness rules that are intended to reg- ulate the Equity Release Financial Products. is product provides a solution for elderly home owners enabling them to enjoy retirement in their own home while receiving income earned from the future sale of the residential property to a bank or financial institution. While the applicable Regula- tions will come into force on 1st September 2019, in view that this product shall be offered to pen- sioners, the MFSA felt the need to supplement these Regulations with specific Conduct of Business Rules. ese Rules include registration requirements for credit and finan- cial institutions intending to pro- vide this product, their sales prac- tices, record keeping, information provided to customers, and com- plaints handling. e MFSA seeks to ensure that any prospective customer consid- ering to enter into such a transac- tion is able to make an informed decision and is aware of how to submit a complaint in case where the consumer is unsatisfied with the service being provided by the credit or financial institutions. e MFSA will be consulting with the industry and general pub- lic on these rules, and today, it has issued the first of five Chapters for feedback. is chapter will focus on registration requirements and proposes that banks and financial institutions intending to provide this product will need to register with the MFSA before such entity starts offering this product. Entities already offering this product will have a transition- al period of one year to come into line with the requirements set out in the Rules and Regula- tions. Chapter 1 also specifies the knowledge and experience re- quirements for staff offering Eq- uity Release Financial Products to consumers. is Consultation is open to the public until 10th September 2019. Industry participants and inter- ested parties are invited to send their responses via email to equi- tyrelease@mfsa.com.mt. • Regulations will come into force on 1st September 2019 • MFSA is proposing new Conduct of Business Rules to ensure that the rights of pensioners are protected • Banks and financial institutions intending to offer this product will need to register with the MFSA first MFSA to introduce new conduct rules to address customer vulnerability ON Friday 23rd August, APS Bank staff members gathered at e Corin- thia St George's Bay Hotel for the bi-annual 'Townhall' meeting. CEO Marcel Cassar introduced the event, thanking staff for their perfor- mance and contribution to the posi- tive half-yearly results recently an- nounced. He then elaborated on the achievements looked at through the lens of the Bank's values, the outlook for 2019 and the challenges ahead. CFO Noel McCarthy then made a presentation of the financial results, analysing numbers and performance indicators in more depth. A highlight of the Townhall was the presentation by Josef Portelli, Head of Investment Management, in which he outlined the role of the Investment Management Department, the activ- ities of ReAPS Asset Management Limited, the Bank's wholly owned subsidiary and the products and ser- vices on offer and others in the pipe- line. Chairman Frederick Mifsud Bonnici closed the event by once again com- mending the staff for their contribu- tion while making reference to the Bank's plans for prioritising the work- life balance of its employees, especial- ly in today's demanding conditions. APS Bank holds second 'Townhall' for 2019