Head of MGA to fill position of MFSA CEO
The head of Malta Gaming Authority, Joseph Cuschieri, has been appointed as the new chief executive officer of the Malta Financial Services Authority (MFSA), with effect from 24th April, 2018, MFSA have said.
Sources said that the MFSA's board of directors met on Wednesday, where they voted in order to approve his nomination. The official announcement was anticipated after Mr Cuschieri met with the board later on Friday.
In his new role as Chief Executive Officer of the MFSA, Cuschieri's responsibilities include the overall management and performance of the Authority, strategy development/implementation including reforms in the financial services sector.
Mr Cuschieri, officially an accountant, has worked in various executive positions in the private sector, such as chief commercial officer at Vodafone.
The first report that Mr Cuschieri had been selected for the position of CEO dates back to February.
The MFSA has been in the midst of controversy during recent weeks, with eyebrows being raised about the questionable vigilance that saw Pilatus Bank receive a banking license in Malta. This is due to the fact that the owner is presently under arrest for US sanctions busting.
The MFSA has been led by Joe Bannister since the late 1980s, aside from a short period under the Labour government when he was replaced by today's Finance Minister, Edward Scicluna. Following the untimely collapse of Alfred Sant’s administration in 1998, Prof. Bannister was restored to his position by then Finance Minister John Dalli.
In spite of the pressure from senior Labour quarters, including numerous public calls by Education Minister Evarist Bartolo for the removal of Prof. Bannister, Prime Minster Joseph Muscat retained Prof. Bannister until his retirement earlier this month.
Sources stated that in recent months, it had been a known secret that Mr Cuschieri would be filling the shoes of Prof. Bannister in the lead of the financial sector’s watchdog.