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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 067/2022
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Lazarus Long Limited (formerly Phoenix Payments Limited)
Category Issue:
Suspected irregular activity
Product/Service:
Transfers
Outcome:
Not Upheld
Date of Arbiter's Decision:
16/06/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 016/2023
Sector:
Banking / Financial Institutions
Language:
Maltese
Financial Services Provider:
Bank of Valletta plc
Category Issue:
Opening/Closure
Product/Service:
Savings/Current/Term Account
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
08/06/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 108/2021
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
Outcome:
Partially Upheld by Arbiter
Date of Arbiter's Decision:
08/06/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 009/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Triton Capital Markets Limited (formerly FXDD Malta Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Forex dealing / CfD / Binary Options
Outcome:
Not Upheld
Date of Arbiter's Decision:
06/06/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 063/2022
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Multitude Bank P.l.c. (formerly Ferratum Bank p.l.c.)
Category Issue:
Delays
Product/Service:
Savings/Current/Term Account
Outcome:
Not Upheld
Date of Arbiter's Decision:
06/06/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 024/2023
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Truevo Payments Ltd
Category Issue:
Suspected irregular activity
Product/Service:
Transfers
Outcome:
Not Upheld
Date of Arbiter's Decision:
06/06/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 148/2022
Sector:
Investments
Language:
Maltese
Financial Services Provider:
Calamatta Cuschieri Investment Services Limited
Category Issue:
Mistake / Incorrect application
Product/Service:
Miscellaneous (securities and funds)
Outcome:
Not Upheld
Date of Arbiter's Decision:
06/06/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 128/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Global Shares Execution Services Limited
Category Issue:
General admin/customer service
Product/Service:
Miscellaneous (securities and funds)
Outcome:
Not Upheld
Date of Arbiter's Decision:
06/06/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 053/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Administration/Management/Custody
Product/Service:
Crypto / Virtual Financial Assets
Outcome:
Not Upheld
Date of Arbiter's Decision:
26/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 106/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Administration/Management/Custody
Product/Service:
Crypto / Virtual Financial Assets
Outcome:
Not Upheld
Date of Arbiter's Decision:
26/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 091/2022
Sector:
Investments
Language:
Maltese
Financial Services Provider:
MZ Investment Services Limited
Category Issue:
Calculation of price/interest
Product/Service:
Miscellaneous (securities and funds)
Outcome:
Not Upheld
Date of Arbiter's Decision:
26/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 051/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
General admin/customer service
Product/Service:
Crypto / Virtual Financial Assets
Outcome:
Not Upheld
Date of Arbiter's Decision:
26/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 083/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
Administration/Management/Custody
Product/Service:
Crypto / Virtual Financial Assets
Outcome:
Not Upheld
Date of Arbiter's Decision:
26/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 108/2022
Sector:
Insurance
Language:
Maltese
Financial Services Provider:
Mapfre MSV Life plc
Category Issue:
Value at maturity
Product/Service:
Life-related
Outcome:
Not Upheld
Date of Arbiter's Decision:
17/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 015/2023
Sector:
Banking / Financial Institutions
Language:
English
Financial Services Provider:
Truevo Payments Ltd
Category Issue:
General admin/customer service
Product/Service:
Cards
Outcome:
Not Upheld
Date of Arbiter's Decision:
17/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 163/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Mistake / Incorrect application
Product/Service:
Pensions-related
Outcome:
Partially Upheld by Arbiter
Date of Arbiter's Decision:
17/05/2023
Appeal Court reference:
67/2023
In progress
ASF case reference:
ASF 005/2022
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Charges
Product/Service:
Crypto / Virtual Financial Assets
Outcome:
Partially Upheld by Arbiter
Date of Arbiter's Decision:
17/05/2023
Appeal Court reference:
66/2023
In progress
ASF case reference:
ASF 042/2021
Sector:
Investments
Language:
English
Financial Services Provider:
TRIVE Financial Services Malta Limited(formerly AKFX Financial Services Limited)
Category Issue:
Calculation of price/interest
Product/Service:
Forex dealing / CfD / Binary Options
Outcome:
Not Upheld
Date of Arbiter's Decision:
12/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 005/2023
Sector:
Insurance
Language:
English
Financial Services Provider:
GasanMamo Insurance Limited
Category Issue:
Loss of earnings
Product/Service:
Travel-related
Outcome:
Upheld by Arbiter
Date of Arbiter's Decision:
12/05/2023
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 036/2022
Sector:
Investments
Language:
English
Financial Services Provider:
Foris Dax MT Limited (formerly MCO Malta Dax Limited )
Category Issue:
General admin/customer service
Product/Service:
Crypto / Virtual Financial Assets
Outcome:
Not Upheld
Date of Arbiter's Decision:
08/05/2023
Appeal Court reference:
Not Appealed