Following the enactment of the Arbiter for Financial Services Act, Act XVI of 2016 of the Laws of Malta, the Malta Financial Services Authority (“MFSA”) issued a public notice informing all stakeholders that the role of the Consumer Complaint Manager has now been phased out.
Any consumer complaints relating to entities licensed by the MFSA can now be lodged by residents and non-residents of Malta before the Office of the Arbiter for Financial Services (“Arbiter”).
The Arbiter is an autonomous and independent body set up with power to mediate, investigate, and adjudicate complaints lodged by customers against financial services providers. Complaints may be filed by natural persons, including their successors in title, or micro-enterprises.
The Arbiter has remit to investigate complaints against all financial services providers licensed by the MFSA in terms of the Malta Financial Services Authority Act or any other financial services law. The Arbiter is also competent to investigate complaints against financial services providers whose licence has been surrendered or withdrawn by the MFSA, provided however, that they such providers were licensed during the period in relation to which the complaint has been made to the Office of the Arbiter for Financial Services. The financial service providers against whom a complaint may be lodged include the following: banks; financial institutions; insurance companies; insurance intermediaries; investment service providers; trustees; and pension providers.