The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Retirement Pension Service Provider.

Business Activity: Service Provider in terms of the Retirement Pensions Act (Chapter 514 of the Laws of Malta).

BREACHES

The Company failed to adhere to its obligations in terms of Rule 4.3.18 of Part B of the Pension Rules for Service Providers to submit the Auditors’ Management Letter for the year ended 31 December 2019, within the regulatory deadline.

REGULATORY ACTION

On 21 June 2022, the Malta Financial Services Authority decided to impose an administrative penalty of five hundred Euro (€500) on the Retirement Pension Service Provider.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 46 of the Retirement Pensions Act.

PUBLICATION

This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act.

UPDATE ON 31 JANUARY 2023

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