What the MFSA’s "Dear CEO" Letter Reveals About Systemic Broker Failures

The Malta Financial Services Authority (MFSA) is ramping up its supervisory efforts, releasing the latest findings from its 2025 Outcomes-Based Supervision (OBS) initiative. Rather than simply checking compliance boxes, the watchdog spent the last year evaluating how regular retail investors are treated in practice.

The regulator’s latest push targets two main areas: a sweeping review of online marketing by investment firms, and a direct "Dear CEO" warning letter addressing widespread issues in how client complaints are managed. For executives in the fintech and FX/CFD spaces, the message is clear—marketing strategies and customer service can no longer be treated as separate silos.

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Key Areas of Concern

The MFSA’s recent sweep uncovered significant gaps in both how high-risk products are sold and how investor disputes are resolved. The results suggest that firms need to take a hard look at both their client acquisition tactics and their back-office support systems.

What This Means for the Global FX/CFD Industry

While these enforcement trends originate in Malta, they reflect the broader expectations of European and international regulators targeting conduct risk. The feedback loop between aggressive marketing and operational complaints is now a primary target for supervisory bodies.

Cross-Border Marketing

• Maltese Enforcement Reality: Regulators are mandating localized, highly visible risk disclosures and continuous post-publication tracking for all advertisements.
• Global Industry Implications: Passported brands are forced to align their marketing across all jurisdictions, closing any compliance gaps between different regions.

Affiliate Accountability

• Maltese Enforcement Reality: Firms face direct liability for any non-compliant promotional materials published by external partners or introducing brokers (IBs).
• Global Industry Implications: Companies must de-risk their partner networks by deploying automated web-scraping compliance tools and enforcing stricter legal contracts.

This is only a snapshot of the full scope of the MFSA’s findings. To read the complete analysis and unlock deeper regulatory insights, visit the FM Intelligence portal.