Retirement Scheme Administrator – Ref: 2022-22
APRIL 12, 2022

The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of one thousand eight hundred Euro (€1,800) on the Retirement Scheme Administrator.

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

LEI Code: 213800CXR4AZLSW5VT27

BREACHES

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

Moreover, the Company failed to adhere to its obligations in terms of Part B 2.3.9 of the Pension Rules for Personal Retirement Schemes to submit the Auditors’ Management Letter for the year ended 31 December 2019 (relating to its Retirement Schemes), within the regulatory deadline.

REGULATORY ACTION

On 7 April 2022, the Malta Financial Services Authority decided to impose an administrative penalty of one thousand eight hundred Euro (€1,800) on the Retirement Scheme Administrator.

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 18 APRIL 2022

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