PwC Malta, in collaboration with FinanceMalta,
has carried out the first local Financial Services Survey. The
survey was carried out between March and April 2016 and was
directed towards the regulated banking, insurance and asset
management institutions. The survey will be held on a
semi-annual basis and will serve to gauge trends and industry
developments over time.
The survey shows that there is strong performance within the
sector with 59% of firms reporting increased business volumes over
the previous six months. Total operating expenditure is
on the increase, driven mainly by increasing levels of employment,
increased salary costs, larger IT expenditure, as well as
increasing costs for regulatory compliance. These increased
costs appear to be impacting the insurance sector in
The survey also invited respondents to give their views on
Malta's competitiveness as a financial services centre.
Respondents flagged a number of issues particularly with regard to
the impact of the proposed Base Erosion and Profit Sharing (BEPS)
tax rules, the introduction of the Common Reporting Standard,
Malta's international repute coming under attack as a result of
Panama Papers, as well as the Brexit referendum. One also notes the
concern raised with regard to the difficulty in opening and
maintaining bank accounts locally.
Kevin Valenzia, PwC Malta Territory Senior Partner commented,
"Malta is today recognised as a leading European financial
services centre, combining high regulatory standards and rigorous
enforcement. However, it is a highly sensitive and volatile
industry and there are challenges and threats that need to be
addressed by policy makers and regulators in order to sustain
Kenneth Farrugia, Chairman of FinanceMalta commented, "This
survey will surely prove to be an important indicator of the
business confidence and sentiment of the financial services
industry in Malta. Its results will also allow policy makers and
other stakeholders of the industry to strengthen the success
factors that are deemed as key drivers of growth of the sector and
to better manage the challenges that the industry faces from time
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