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maltatoday | SUNDAY • 1 SEPTEMBER 2024 6 COMMERCIAL Malta Bankers' Association announces webinar in preparation for the EU Digital Operational Resilience Act THE Malta Bankers' Association (MBA) is pleased to announce an upcoming webinar titled "DORA – 4 months to go." This event is scheduled for the 17th Septem- ber, exactly four months before the new European Union regula- tion, the Digital Operational Re- silience Act (DORA), comes into force on 17th January 2025. This webinar is specifically de- signed to prepare the relevant stakeholders for the application of DORA; while many stake- holders' preparations are now well underway, this session will provide timely guidance as the regulation's implementation date approaches. Participants will gain in-depth critical insights into the regulatory expectations and practical steps necessary for compliance. The webinar's agen- da will cover the following key topics: • Understanding the origins and objectives of DORA • Key milestones and dead- lines you need to be aware of • Potential risks and penal- ties for failing to comply with DORA • Comprehensive overview of the core requirements under DORA • Specific responsibilities and expectations for lead- ership roles • Common obstacles and how to overcome them • Expert advice for senior management, board mem- bers, and executives on ensuring compliance and enhancing resilience • Questions and answers – an interactive session to address your specific que- ries Karol Gabarretta, General Sec- retary of the MBA, commented: "We are at a critical juncture where ensuring the financial sector's resilience is more im- portant than ever. As an Asso- ciation we believe it is essential to provide ongoing support to our members throughout the lifecycle of this regulation. This webinar is part of our commit- ment to assist the banking com- munity and its stakeholders in understanding and implement- ing the requirements of DORA effectively." The webinar is being organ- ised by the MBA in collabora- tion with Diligex and Thomas Murray. Experts Shreeji Doshi and William Rimington, distin- guished cyber security and risk management specialists from Thomas Murray, will be spear- heading the discussions. Registration for the webinar is now open and available to all interested financial entities, ICT service providers, and oth- er stakeholders in the financial ecosystem. Participants are en- couraged to secure their spot early to benefit from this im- portant discussion. For further information and to register, visit: https://www.malt- abankers.org/mba-diligex-thom- as-murry-webinar/ PK F Malta Study: Understanding consumer perceptions and price fairness in Malta ANDREW SCIBERRAS PKF Malta is proud to announce its study concerning consumer perceptions and price fairness in Malta, in view of Malta's challeng- es associated with rising costs of essential goods and services. As these price increases continue to strain household budgets, con- cerns about price fairness and the effectiveness of consumer protec- tion have come to the forefront. In this context, we are inviting pertinent stakeholders to contact our team of economists at PKF, to provide their input to the study. The first significant concerns about price increases surfaced during the early stages of the COVID-19 pandemic. The Mal- ta Competition and Consum- er Affairs Authority (MCCAA) received numerous complaints about sudden price hikes on es- sential items such as wipes, par- acetamol, and meat. The MC- CAA initiated investigations, attempting to discern whether these price increases were justified or if they were instances of price gouging—a practice where sellers increase prices to exploit a crisis. In April 2020, the MCCAA con- cluded that there was no evidence of price gouging in the case of par- acetamol, indicating that not all price increases during a crisis can be attributed to unfair practices. As the pandemic continued, so did the inflationary pressures on the Maltese economy. By ear- ly 2022, surging food prices had pushed inflation to new heights, contributing to the highest price increases in a decade, accord- ing to the Central Bank of Malta. This inflation was not limited to food; complaints about sudden price hikes became more wide- spread across various sectors, further straining consumer trust. Despite these concerns, some in- dustry representatives argued that price increases were often driven by external factors beyond the control of local businesses. For example, even as global shipping costs decreased by late 2022, fer- ry operators in Malta were still raising prices, citing other oper- ational costs as the reason. There is empirical evidence that suggests price hikes during crises is not al- ways clear-cut and often results from complex market dynamics. In response to the growing un- rest, the Maltese government and MCCAA implemented various measures to stabilize prices and protect consumers. The intro- duction of the Stabbiltà initiative in March 2024 was a key govern- mental effort aimed at reducing the cost of staple food items by 15% from October 2023 levels. Despite this, the impact on con- sumer perceptions may not al- ways be positive, many may feel that these measures are not going far enough to address the under- lying issues that were driving price increases. Whilst the Stabbiltà initiative has been generally well received, a search on price hikes shows the general sentiment prior to this initiative. Numerous edito- rials criticised the government's approach. Some warned against oversimplifying the issue of price gouging, emphasizing that not all price increases are unjustified. Other expressed concerns about why prices were still rising de- spite governmental interventions and decreasing inflation. One has to keep in mind that regulatory responses to price gouging must be nuanced and well-targeted, as overly broad measures may fail to address the root causes of price increases. The sentiment among the busi- ness community was also divided. While some business leaders ar- gued that price gouging was not a widespread issue, they acknowl- edged that the public's perception of unfair pricing was damaging trust. Whilst entities such as the Chamber of SME remarked that there was "not much room for abuse" given the competitive na- ture of the market, it acknowl- edged the need for clearer com- munication with consumers. A report recently published from Caritas Malta highlighted that the cost of feeding a family of four had risen by over €3,500 in just four years, underscoring the severe impact of rising prices on everyday life. Given the ongoing challenges re- lated to rising prices and consum- er concerns, it may be valuable to consider a study that explores how consumers perceive price changes across various sectors, such as pharmaceuticals, food, and essential services. Addition- ally, examining the effectiveness of government interventions, like the Stabbiltà initiative, to said perceptions could provide in- sights that inform future policies. Understanding these dynamics could play a role in enhancing consumer trust and ensuring fair pricing in Malta's evolving eco- nomic landscape. By bridging the gap between quantitative inflation data and qualitative consumer perceptions, such an assessment could provide valuable insights to guide future policy and business practices. We therefore invite stakeholders and interested parties to contact us via correspondence on info@ pkfmalta.com quoting the study for a consultation.