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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 072/2017
Sector:
Investments
Language:
Maltese
Financial Services Provider:
BOV Asset Management Limited(formerly Valletta Fund Management Limited)
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
12/09/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 087/2018
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Not Upheld
Date of Arbiter's Decision:
12/09/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 406/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
12/09/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 072/2017
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
12/09/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 359/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Not Upheld
Date of Arbiter's Decision:
12/09/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 007/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Not Upheld
Date of Arbiter's Decision:
12/09/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 143/2017
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Northway Financial Corporation Limited
Category Issue:
Inappropriate product/service
Product/Service:
Other loans and advances
Outcome:
Not Upheld
Date of Arbiter's Decision:
26/06/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 448/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
GlobalCapital Financial Management Limited
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
12/06/2018
Appeal Court reference:
82/2018
ASF case reference:
ASF 386/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
GlobalCapital Financial Management Limited
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
12/06/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 150/2017
Sector:
Insurance
Language:
Maltese
Financial Services Provider:
Mapfre Middlesea plc
Category Issue:
Rejection of claim
Product/Service:
Travel-related
Outcome:
Not Upheld
Date of Arbiter's Decision:
12/06/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 380/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
GlobalCapital Financial Management Limited
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
14/05/2018
Appeal Court reference:
59/2019
ASF case reference:
ASF 488/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
GlobalCapital Financial Management Limited
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
09/05/2018
Appeal Court reference:
66/2018
ASF case reference:
ASF 463/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
All Invest Company Limited
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
09/05/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 031/2017
Sector:
Insurance
Language:
Maltese
Financial Services Provider:
Atlas Insurance PCC Limited
Category Issue:
Rejection of claim
Product/Service:
Travel-related
Outcome:
Not Upheld
Date of Arbiter's Decision:
09/05/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 169/2017
Sector:
Investments
Language:
Maltese
Financial Services Provider:
HSBC Bank Malta plc
Category Issue:
General admin/customer service
Product/Service:
Miscellaneous (securities and funds)
Outcome:
Not Upheld
Date of Arbiter's Decision:
16/04/2018
Appeal Court reference:
44/2018
ASF case reference:
ASF 029/2017
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Corporate & Commercial FX Services Limited
Category Issue:
General admin/customer service
Product/Service:
Transfers
Outcome:
Not Upheld
Date of Arbiter's Decision:
16/04/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 494/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Zenith Finance Limited(formerly MFSP Financial Management Limited)
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
10/04/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 493/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Zenith Finance Limited(formerly MFSP Financial Management Limited)
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
10/04/2018
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 010/2017
Sector:
Investments
Language:
Maltese
Financial Services Provider:
GlobalCapital Financial Management Limited
Category Issue:
Misselling / Suitability
Product/Service:
Complex/Professional/Experienced/Structured investments
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
28/03/2018
Appeal Court reference:
38/2018
ASF case reference:
ASF 492/2016
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Crystal Finance Investments Limited
Category Issue:
Misselling / Suitability
Product/Service:
Miscellaneous (securities and funds)
Outcome:
Partially Upheld by Arbiter
Date of Arbiter's Decision:
28/03/2018
Appeal Court reference:
58/2018