The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into matters related to a Retirement Scheme Administrator with respect to late submission of regulatory information to the Authority. The Authority has considered the goodwill demonstrated by the Retirement Scheme Administrator and agreed to settle all pending matters.
Business Activity: Retirement Scheme Administrator
FINDINGS:
The MFSA’s investigation found failings in respect to:
- Article 20 of the Retirement Pensions Act and Paragraphs B.2.3.4 and B.2.3.5 of the Pension Rules for Personal Retirement Schemes wherein the Retirement Scheme Administrator submitted the Half-Yearly Reports for financial years ended 31 December 2020 and 2022 after the regulatory deadline; and
- Article 20 of the Retirement Pensions Act and Paragraph B.4.3.15 of the Pension Rules for Service Providers wherein the Retirement Scheme Administrator submitted the Interim Financial Returns (Q1 and Q2) for financial year 2022 after the regulatory deadline.
MEASURES
On 14 March 2024, the MFSA agreed to settle pending matters with the Retirement Scheme Administrator after demonstration of goodwill by the Retirement Scheme Administrator. By means of a settlement agreement entered into between the Retirement Scheme Administrator and the MFSA, the latter imposed an administrative penalty of seven thousand three hundred and twelve Euro (€6,512) on the Retirement Scheme Administrator.
PUBLICATION
This notice is being published in terms of the Authority’s Settlement Policy.
