IFSP is formed though member from various fields, including the Financial service industry, lawyers, Banker, Stockbrokers, Trustees and insurers. Through the IFSP members from the different industries are able to discuss and share their knowledge to increase collaboration.This leads to the development of financial service in Malta, and thus, the IFSP role is to establish and develop professional standards for the industry as a whole.
It is based in Malta and has acquired a consider amount of recognitions as the body representing financial services practitioner in Malta. It works closely with the government and regulatory authorizes, in particular the MFSA, were it is able to suggest and propose change, as well as put forward concerns from its members.
The institution has celebrated its 20th year in 2009, allowing it to acquire the experience and knowledge through its well-established 290 members. IFSP is governed by council and much of the work of the IFSP is undertaken by a series of subcommittees bringing together 60 of its members. Furthermore, the Institute has been taking a more front-line role to the promotion of financial services outside Malta and it aims at being one of the major contributors to a growing financial services sector in Malta within a serious and prestigious regulatory framework.