DeVere & Partners has received notification of €23,000 (£20,450) fine from the Malta Financial Services Authority for alleged unlicensed insurance distribution activities.
The MFSA said in announcing the fine on on 30 March that it "concluded that the company has carried out insurance distribution activities, as defined in article 2 of the IDA, without having the necessary licence".
The fine relates to a "contravention of the provisions of the Insurance Distribution Act".
A spokesperson for deVere said: "We are disappointed and surprised by the administrative penalty. We intend to appeal it whilst continuing to champion and to adhere to the regulator's work to maintain and further enhance industry standards."
The company now has thirty days to lodge its appeal.