FIAU chairman Jesmond Gatt has been nominated by the government to chair the board of the Malta Financial Services Authority (MFSA).

The financial regulator’s current chairman, John Mamo, has already informed staff that he will not be seeking another term.

Mamo, son of the late President Anthony Mamo, was appointed to the role in 2018.

Gatt must face a grilling by parliament’s public appointments committee prior to taking up the post. 

He has worked in various roles at the Central Bank since 1984.

In 2016, Gatt was nominated as the Central Bank’s representative on the FIAU board, before being made its chairman in 2020.

Last month, Gatt was also appointed CEO of the government’s investment arm, Malta Government Investments (MGI).

An Auditor General report detailed how Gatt’s predecessor at MGI was awarded multiple pay rises without the necessary authorisation.  

The Economy Minister, under whose remit MGI falls, has assured that Gatt's own pay package shall be reviewed by the ministry, submitted to the investment's company board and also sent to the Prime Minister's office for approval.

Just a few weeks after his appointment as MGI CEO, Finance Minister Clyde Caruana informed parliament of his intention to nominate Gatt as the MFSA’s new chairman.

Gatt is set to take up his late role on February 4.