The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to a Retirement Scheme Administrator in relation 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 found failings in respect to Article 20 of the Retirement Pensions Act and Paragraphs B.2.3.4 and B.2.3.9 of the Pension Rules for Personal Retirement Schemes wherein the Retirement Scheme Administrator submitted the Audited Financial Statements and the Management Letter for financial year ended 31 December 2020 after the stipulated regulatory deadline.

MEASURES

On 9 April 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 four thousand eight hundred and forty Euro (€4,840) on the Retirement Scheme Administrator.

PUBLICATION

This notice is being published in terms of the Authority’s Settlement Policy.