Sovereign Pension Service Limited (“the Company”)
DECEMBER 06, 2022

The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of six thousand one hundred Euro (€6,100) on the Company.

Address:

Sovereign Pension Service Limited
Level 5, St Julian’s Business Centre,
Ella Zammit Street,
St Julians STJ 3153
MALTA

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

BREACHES

The Company failed to adhere to its obligation, in terms of Parts B 4.3.15 and B 4.3.17 of the Pension Rules for Service Providers, to submit the Unaudited Annual Financial Return for the year ended 31 May 2020 and the Interim Financial Return covering period June to August 2020 within the regulatory deadline.

Moreover, the Company failed to adhere to its obligation, in terms of Part B 2.3.5 of the Pension Rules for Personal Retirement Schemes, to submit the half-yearly financial statements for year ended 2020 (relating to its Retirement Schemes), within the regulatory deadline.

REGULATORY ACTION

On 6 December 2022, the Malta Financial Services Authority decided to impose an administrative penalty of six thousand one hundred Euro (€6,100) on the Company.

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 9 JANUARY 2023

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