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Arbiter's Decisions

You can search for decisions delivered by the Arbiter for Financial Services and judgements delivered by the Court of Appeal (Civil, Inferior) for those decisions that have been appealed.

You may refine your search as wanted by the name of the financial services provider, the language of the decision, the decision year, decision date from/to, the sector, decision outcome, and whether the decision has been appealed or not. If you select by sector (e.g. 'Banking'), you may filter down your choice by selecting issue (e.g. 'Charges') and/or product (e.g. 'Cards'). Please browse the drop-down filters on the left-hand side.

The database of Arbiter's decisions is updated periodically. In accordance with the OAFS policy, complainants' names in such decisions are pseudonymised (the actual names are replaced by unrelated alphabetical references).

The remit of the Arbiter for Financial Services is to investigate and adjudicate complaints lodged by eligible complainants (individuals and micro-enterprises) against financial services providers who are licensed or authorised by the Maltese financial services regulator. When cases are referred to the Arbiter and a decision is issued, such a decision is binding on both parties.

Either party can request the Arbiter for clarification or correction to any computation, clerical, typographical, or similar errors within 15 days from the delivery of a decision. Decisions may be upheld in full, partially upheld, or rejected, and may be appealed by any of the parties.

As to the Court of Appeal (Civil, Inferior) judgements, we refer to the Court Services Agency's eCourts website (https://ecourts.gov.mt/onlineservices/) for the relevant case reference numbers and appeal judgements. Information about appealed decisions on our website is updated periodically. However, such information should always be cross-checked with the eCourts website as we make no representations or warranties of any kind, express or implied, as to its completeness, accuracy or reliability.

Please get in touch with us through our “Contact us” page if you come across any broken links or other incorrect information.Thank you.

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ASF case reference:
ASF 030/2024
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
31/01/2025
Outcome:
Not Upheld
Reason:
Legal point (time-barred)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 065/2023
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
16/02/2024
Outcome:
Not Upheld
Reason:
Legal point (time-barred)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 049/2022
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Charges
Product/Service:
Pensions-related
Date of Arbiter's Decision:
10/11/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
116/2023
ASF case reference:
ASF 022/2022
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
26/10/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 139/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
22/09/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 092/2022
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
01/09/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 010/2022
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
10/08/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 081/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
30/06/2023
Outcome:
Not Upheld
Reason:
Outside Arbiter’s competence
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 001/2022
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Charges
Product/Service:
Pensions-related
Date of Arbiter's Decision:
16/06/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
74/2023
ASF case reference:
ASF 108/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
08/06/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 163/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Mistake / Incorrect application
Product/Service:
Pensions-related
Date of Arbiter's Decision:
17/05/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
67/2023
ASF case reference:
ASF 005/2022
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Charges
Product/Service:
Crypto / Virtual Financial Assets
Date of Arbiter's Decision:
17/05/2023
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
66/2023
ASF case reference:
ASF 128/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Mistake / Incorrect application
Product/Service:
Pensions-related
Date of Arbiter's Decision:
18/04/2023
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 099/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
05/12/2022
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
163/2022
ASF case reference:
ASF 080/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
28/09/2022
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
139/2022
ASF case reference:
ASF 024/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
28/09/2022
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
138/2022, 140/2022
ASF case reference:
ASF 050/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
27/07/2022
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 028/2021
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
24/05/2022
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 102/2019 & ASF 103/2019
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
01/06/2021
Outcome:
Not Upheld
Reason:
Merit (Case not proven)
Appeal Court reference:
Not Appealed
ASF case reference:
ASF 082/2019
Sector:
Investments
Language:
English
Financial Services Provider:
STM Malta Pension Services Limited (formerly STM Malta Trust and Company Management Limited)
Category Issue:
Administration/Management/Custody
Product/Service:
Pensions-related
Date of Arbiter's Decision:
03/05/2021
Outcome:
Partially Upheld by Arbiter
Reason:
N/A
Appeal Court reference:
056/2021