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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 135/2025
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Openpayd Financial Services Malta Limited
Category Issue:
Suspected irregular activity
Product/Service:
Transfers
Date of Arbiter's Decision:
09/01/2026
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 111/2025
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:
09/01/2026
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 090/2025
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Bank of Valletta plc
Category Issue:
General admin/customer service
Product/Service:
Home Loans
Date of Arbiter's Decision:
09/01/2026
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 236/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Calamatta Cuschieri Investment Services Limited
Category Issue:
Misselling / Suitability
Product/Service:
Miscellaneous (securities and funds)
Date of Arbiter's Decision:
09/01/2026
Outcome:
Not Upheld
Reason:
Legal point (time-barred)
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 183/2025
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:
31/12/2025
Outcome:
Not Upheld
Reason:
Legal point (time-barred)
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 112/2025
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Unauthorised use
Product/Service:
Savings/Current/Term Account
Date of Arbiter's Decision:
31/12/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 157/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Other
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
31/12/2025
Outcome:
Not Upheld
Reason:
Outside Arbiter’s competence
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 105/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Openpayd Financial Services Malta Limited
Category Issue:
Unauthorised use
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
31/12/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 155/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Foris MT Limited
Category Issue:
General admin/customer service
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
31/12/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 050/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Sovereign Pension Services Limited
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
31/12/2025
Outcome:
Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 212/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Other
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
31/12/2025
Outcome:
Not Upheld
Reason:
Outside Arbiter’s competence
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 151/2025
Sector:
Insurance
Language:
English
Financial Services Provider:
Steadfast Insurance Partners Limited(formerly Cowen Insurance Company Limited)
Category Issue:
Other
Product/Service:
Travel-related
Date of Arbiter's Decision:
31/12/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 226/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Other
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
31/12/2025
Outcome:
Not Upheld
Reason:
Outside Arbiter’s competence
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 156/2025
Sector:
Insurance
Language:
English
Financial Services Provider:
Mapfre Middlesea Insurance plc
Category Issue:
Rejection of claim
Product/Service:
Home (Building & Contents)-related
Date of Arbiter's Decision:
31/12/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Appeal Window
In progress
ASF case reference:
ASF 133/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Calculation of price/interest
Product/Service:
Miscellaneous (securities and funds)
Date of Arbiter's Decision:
05/12/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 125/2025
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Papaya Ltd
Category Issue:
Delays
Product/Service:
Savings/Current/Term Account
Date of Arbiter's Decision:
05/12/2025
Outcome:
Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 232/2024
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Bank of Valletta plc
Category Issue:
General admin/customer service
Product/Service:
Cards
Date of Arbiter's Decision:
05/12/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 055/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Unauthorised use
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
28/11/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 113/2025
Sector:
Insurance
Language:
English
Financial Services Provider:
Atlas Insurance PCC Limited
Category Issue:
Rejection of claim
Product/Service:
Travel-related
Date of Arbiter's Decision:
28/11/2025
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 010/2025
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Unauthorised use
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
28/11/2025
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed