The Malta Financial Services Authority published a thematic review of payment accounts offered by financial institutions, focusing on the quality of Fee Information Documents and Statements of Fees, and the accuracy of fee information shown on its Payment Accounts Fees Comparison Tool. The review found broad compliance with the standardised format and requirements under Commission Implementing Regulation (EU) 2018/34 and confirmed that required documentation was generally being provided to consumers, but it also identified several areas needing improvement. One institution failed to meet the Regulation’s presentation requirements for the Statement of Fees and has been directed to take immediate corrective action. The MFSA also found that some institutions were not updating fee information regularly on the comparison tool and that outdated products were still listed, and it highlighted the need for clearer customer disclosures that payment accounts are for transactional funds, do not accrue interest, and are not covered by the Depositor Compensation Scheme applicable to licensed banks. In addition, several institutions used potentially misleading website terminology such as “Bank”, “Banking” or “Bank Account”, which could confuse consumers about regulatory status. The MFSA expects all institutions subject to the Payment Accounts Regulations to provide Fee Information Documents in the standardised format and in good time before contract execution, issue accurate Statements of Fees free of charge at least annually, and keep comparison-tool information current and accurate. It also called for clear, non-misleading terminology and clearer explanations of how these services differ from traditional banking products, and stated it will continue engagement and supervisory work to support compliance.
Malta Financial Services Authority 2025-09-11
Malta Financial Services Authority thematic review identifies gaps in payment account fee disclosures and comparison tool data
The Malta Financial Services Authority (MFSA) reviewed payment accounts, noting compliance with Commission Implementing Regulation (EU) 2018/34 but identifying improvement areas. One institution was directed to correct its Statement of Fees presentation, with issues of outdated fee information and misleading terminology on websites. The MFSA emphasized accurate, timely fee disclosures and clear differentiation from traditional banking products, committing to ongoing supervision.