The Malta Independent 27 April 2024, Saturday
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Education Minister Evarist Bartolo once again insists on Joe Bannister’s resignation

Monday, 23 May 2016, 20:43 Last update: about 9 years ago

Minister for Education Evarist Bartolo once again attacked MFSA Chairman Joe Bannister, this time in parliament during a debate on a bill to include the EU's Mortgage Credit Directive in the Consumer Affairs Act.

Mr Bartolo specifically said that he wasn't sure whether the financial services watchdog would carry out its duties to protect consumers insisting that, after 20 years as Chairman, Mr Bannister should move on. The directive itself speaks about responsible lending practices on a pan EU level which also entitle consumers to better information about seeking mortgages.

Mr Bartolo said that the MFSA needs to "change its ways", mentioning how it didn't protect consumers in cases involving the BOV Multi Property Investment Fund, All Invest and MFSP."

This is far from the first time Mr Bartolo has expressed his disdain for Mr Bannister retaining his post, saying repeatedly on social media that his position is untenable for a number of weeks now since he is a director of collective investment schemes in the Cayman Islands. The pinnacle being a public attack on Facebook when Mr Bannister was likened to Marlon Brando's Godfather by the Minister.

In comment to The Malta Independent about the issue earlier this month, the Prime Minister, Joseph Muscat said that Mr Bartolo is entitled to his opinion, but that he has full confidence in Mr Bannister. Dr Muscat said that until then, he had no reason to believe that Mr Bannister was not doing his job to the best of his ability adding that "if there are concerning issues, I will take them up with the regulator personally but, as Prime Minister, my job is to ensure stability in this sector."


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