One of the MFSA’s commitments in the Vision 2021 launched earlier this year was to improve the Authority’s engagement with the industry and the general public. This month, we sat down with Anthony Tomaselli Chetcuti, the newly-appointed Front-End Relationship Manager within the Authorisations function.

NH: Anthony, tell us something about your background and how it ties into this newly-created role.

ATC: Before joining the MFSA, I worked in other public institutions, where I occupied a similar role, which combined elements of both customer care and communication. I believe that an essential element in such positions is to enhance and improve communication with our stakeholders, in order to ensure that the public is well-aware of what to expect and the timelines involved.

The MFSA, and with it the Authorisations function, has grown in size and stature, leading naturally to increased demands for – and expectations of – its services. Ours (Authorisations) is also a very particular function. While supervisory teams focus on a specific area of financial services – banking, insurance, securities - we handle applications and requests from all sectors. It is therefore critical to define our role, and what the public should be expecting from us. The idea behind my role is, therefore, to be the point of contact where expectations from both sides - industry and Authority - meet and are dealt with for the overall benefit of the financial services sector.

NH: Why is  Authorisations actively working to change the way it deals with its stakeholders?

ATC: The survey commissioned by the MFSA earlier this year expressed a very clear picture: encouragingly, 88% were satisfied with the guidance and feedback provided by the Authority during the authorisation process. However, only 58% were satisfied with the timeframes in which applications are processed. A substantial number of respondents also expressed their wish to be directed to the right person in a quicker manner.

It is therefore our commitment to make our processes more efficient and our workflows more effective in order to give the best service we can offer, meeting the significantly-increased demand and expectations of the industry, complexities, changes in environment and public expectations.

NH: What changes have been implemented so far?

ATC: We have looked at our processes with a view to see where we could add value. We have committed to making the process more efficient while maintaining the highest possible regulatory standards.

An important change was the introduction of the electronic version of the Personal Questionnaire, supported by detailed guidelines and a help desk within the Authorisations function to assist with queries and address any issues applicants may encounter whilst filling in the form. We have also designed a template that can be accessed here to mainly assist practitioners with the process.

One of the major frustrations of licence holders or potential applicants is getting through to the right person in our ever-growing team. We are looking into providing a solution to this by setting up a dedicated team within Authorisations as a point of first contact for external parties. These officials will be able to identify the right person to answer the caller’s query, particularly regarding follow-ups on existing applications. This will ensure that the callers get through to the right person immediately, while allowing our analysts to focus on their work.

NH: Do you have a message to practitioners and licence holders?

ATC: We are doing our utmost to improve the level of service and the responsiveness, particularly for incoming calls. We are also investing in technology, to have the right tools to assist us in this task. However, when it comes to technical queries, one should appreciate that many times it is not possible to come up with a reply there and then. Thus, it is recommended to relay such queries by email, rather than through the phone.

We will be organising ongoing dedicated meetings with different stakeholders to explain the changes in our modus operandi, which will certainly go a long way towards further improving the service offered, reflecting our commitment to transform the MFSA into a top-tier financial services regulator.