Legal Basis

Arbiter for Financial Services Act

The Arbiter of the Financial Services Act (Chapter 555 of the Laws of Malta) was set in force on 18 April 2016 by virtue of Act XVI of 2016.

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The Act sets out the administrative, operational, and jurisdictional framework of the Office. It also lays down the functions and accountability requirements of the Office. The Act provides the necessary legal framework for the appointment, functions, powers, and competence of the Arbiter. It also provides for the appointment of a Substitute Arbiter, where this is necessary.

 

Designated financial Alternative Dispute Resolution (ADR) entity

By virtue of Legal Notice 137 of 2017 (Arbiter for Financial Services (Designation of ADR Entity) Regulations, 2017), the Minister for Finance, as the competent authority for the purposes of the ADR Directive, appointed the Office of the Arbiter for Financial Services as the ADR entity for financial services in Malta.  As a result, and in regard to alternative dispute resolution bodies in relation to financial services complaints, Malta is fully compliant with the requirements of the said Directive 2013/11/EU and has joined several other certified ADR bodies in the EU and EEA with similar competences in financial services complaints.

To download the Legal Notice, click here.