Malta pensions sector welcomes tighter rules

Pedro Gonçalves
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Malta pensions sector welcomes tighter rules

The industry has sided with the regulator in Malta regarding the significant changes to the Maltese pension regulations which will have a major impact on how advisers operate in the jurisdiction. 

Malta Association of Retirement Scheme Practitioners (MARSP) said the new framework  issued at the end of 2018 governing personal pension schemes in Malta would make the sector more resilient.

"MARSP has consulted closely with the Maltese Regulator for many months on these changes and welcomes its outcome. The new rules are in place to enhance consumer protection and give greater clarity on previous regulatory requirements and set a strong framework for the future," it said in a statement.

Major changes to the pension regulations include a strict rule to only permit retail class investments for retail investors, i.e. normal investors will not be permitted to go into complex investments and  greater cost and commission disclosures by introducing intermediaries.

DeVere has also welcomed the reform put forth by the Malta Financial Services Authority (MFSA) as reported by International Investment.

"Notwithstanding the uncertainty concerning future rules for UK Transfers due to BREXIT, the Maltese industry has remained the market leader," MARSP added.

The Malta Association of Retirement Scheme Practitioners or MARSP, is the single association of all entities that are licensed to operate as a Retirement Scheme Administrators in Malta with 15 member firms.