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Arbiter's Decisions

You can search for decisions delivered by the Arbiter for Financial Services and judgements delivered by the Court of Appeal (Civil, Inferior) for those decisions that have been appealed.

You may refine your search as wanted by the name of the financial services provider, the language of the decision, the decision year, decision date from/to, the sector, decision outcome, and whether the decision has been appealed or not. If you select by sector (e.g. 'Banking'), you may filter down your choice by selecting issue (e.g. 'Charges') and/or product (e.g. 'Cards'). Please browse the drop-down filters on the left-hand side.

The database of Arbiter's decisions is updated periodically. In accordance with the OAFS policy, complainants' names in such decisions are pseudonymised (the actual names are replaced by unrelated alphabetical references).

The remit of the Arbiter for Financial Services is to investigate and adjudicate complaints lodged by eligible complainants (individuals and micro-enterprises) against financial services providers who are licensed or authorised by the Maltese financial services regulator. When cases are referred to the Arbiter and a decision is issued, such a decision is binding on both parties.

Either party can request the Arbiter for clarification or correction to any computation, clerical, typographical, or similar errors within 15 days from the delivery of a decision. Decisions may be upheld in full, partially upheld, or rejected, and may be appealed by any of the parties.

As to the Court of Appeal (Civil, Inferior) judgements, we refer to the Court Services Agency's eCourts website (https://ecourts.gov.mt/onlineservices/) for the relevant case reference numbers and appeal judgements. Information about appealed decisions on our website is updated periodically. However, such information should always be cross-checked with the eCourts website as we make no representations or warranties of any kind, express or implied, as to its completeness, accuracy or reliability.

Please get in touch with us through our “Contact us” page if you come across any broken links or other incorrect information.Thank you.

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ASF case reference:
ASF 100/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Momentum Pensions Malta Limited
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
29/02/2024
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 011/2023
Sector:
Insurance
Language:
Maltese
Financial Services Provider:
Mapfre MSV Life plc
Category Issue:
Value at maturity
Product/Service:
Life-related
Date of Arbiter's Decision:
23/02/2024
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 139/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Momentum Pensions Malta Limited
Category Issue:
Administration/Management/Custody
Product/Service:
Portfolio Management
Date of Arbiter's Decision:
23/02/2024
Outcome:
Not Upheld
Reason:
Legal point (time-barred)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 065/2023
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
16/02/2024
Outcome:
Not Upheld
Reason:
Legal point (time-barred)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 128/2023
Sector:
Investments
Language:
English
Financial Services Provider:
Calamatta Cuschieri Investment Services Limited,
Crystal Finance Investments Limited
Category Issue:
Misselling / Suitability
Product/Service:
Portfolio Management
Date of Arbiter's Decision:
07/02/2024
Outcome:
Not Upheld
Reason:
Legal point (time-barred)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 070/2023
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Finance Incorporated Limited
Category Issue:
Suspected irregular activity
Product/Service:
Transfers
Date of Arbiter's Decision:
07/02/2024
Outcome:
Not Upheld
Reason:
Outside Arbiter’s competence
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 090/2023
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Refusal to give information
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
07/02/2024
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 093/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Momentum Pensions Malta Limited
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
31/01/2024
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 114/2022
Sector:
Insurance
Language:
English
Financial Services Provider:
MIB Insurance Agency Limited
Category Issue:
Rejection of claim
Product/Service:
Home (Building & Contents)-related
Date of Arbiter's Decision:
31/01/2024
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 150/2023
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Mistake / Incorrect application
Product/Service:
Personal Loans
Date of Arbiter's Decision:
22/01/2024
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 050/2023
Sector:
Insurance
Language:
Maltese
Financial Services Provider:
Mapfre MSV Life plc
Category Issue:
Loss of earnings
Product/Service:
Life-related
Date of Arbiter's Decision:
22/01/2024
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 085/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Momentum Pensions Malta Limited
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
22/01/2024
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
9/2024
ASF case reference:
ASF 049/2023
Sector:
Insurance
Language:
Maltese
Financial Services Provider:
Mapfre MSV Life plc
Category Issue:
Value at maturity
Product/Service:
Life-related
Date of Arbiter's Decision:
22/01/2024
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 184/2023
Sector:
Insurance
Language:
Maltese
Financial Services Provider:
GasanMamo Insurance Limited
Category Issue:
Rejection of claim
Product/Service:
Travel-related
Date of Arbiter's Decision:
15/01/2024
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 086/2023
Sector:
Investments
Language:
English
Financial Services Provider:
Calamatta Cuschieri Investment Services Limited
Category Issue:
Mistake / Incorrect application
Product/Service:
Miscellaneous (securities and funds)
Date of Arbiter's Decision:
05/01/2024
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
6/2024
ASF case reference:
ASF 067/2023
Sector:
Banking / Financial Institutions
Language:
Maltese
Financial Services Provider:
HSBC Bank Malta plc
Category Issue:
Refusal to give information
Product/Service:
Savings/Current/Term Account
Date of Arbiter's Decision:
05/01/2024
Outcome:
Not Upheld
Reason:
Outside Arbiter’s competence
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 034/2023
Sector:
Insurance
Language:
Maltese
Financial Services Provider:
Mapfre MSV Life plc
Category Issue:
Value at maturity
Product/Service:
Life-related
Date of Arbiter's Decision:
29/12/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 026/2023
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Zenith Finance Limited(formerly MFSP Financial Management Limited)
Category Issue:
Refusal to give information
Product/Service:
Miscellaneous (securities and funds)
Date of Arbiter's Decision:
29/12/2023
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 054/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Momentum Pensions Malta Limited
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
21/12/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 074/2023
Sector:
Insurance
Language:
English
Financial Services Provider:
Mapfre MSV Life plc
Category Issue:
Value at maturity
Product/Service:
Life-related
Date of Arbiter's Decision:
21/12/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed