The Malta Financial Services Authority has published Dear CEO letters setting out findings from its 2025 Outcomes-Based Supervision review of marketing communications in the insurance and investment sectors. The review found weaknesses in governance, disclosures, monitoring and record-keeping, while also identifying examples of good practice. Marketing communications were treated as a supervisory priority because of their role in shaping consumer and investor decisions, with the review assessing whether materials were fair, clear and not misleading. Key gaps included inadequate documentation of marketing policies and procedures, weak post-publication monitoring, poor record-keeping, and disclosures on risks, regulatory status and external website links that were not sufficiently prominent or complete. The review also stressed that communications should remain accurate, up to date and appropriately targeted. Good practices identified included regular policy reviews, structured compliance monitoring, standardized disclosure templates, compliance checklists and stronger oversight controls. The letters set out the Authority's expectations for licensed entities to address the identified shortcomings and improve compliance with applicable requirements. The MFSA said it will continue engaging with firms through its three-year supervisory cycle and will assess whether the expected compliance outcomes have been achieved.

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