The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred and sixty Euro (€560) on a Retirement Scheme Administrator.

BREACHES

The MFSA determined that the Retirement Scheme Administrator has acted in breach of Article 20 of the Retirement Pensions Act and Paragraph B.4.3.18 of the Pension Rules for Service Providers.

REGULATORY ACTION

On 25 January 2024, the MFSA decided to impose an administrative penalty of five hundred and sixty Euro (€560) on the Retirement Scheme Administrator.

PUBLICATION

This notice is being published in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.

UPDATE ON 5 March 2024

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.