1. How do you decide whether the losses I am claiming are covered?
We have to check carefully every claim for compensation and ensure that every claim is covered by the regulations before we can deal with it. If you are not eligible for compensation under the regulations, we will write to you and explain why.
2. Does the scheme cover losses caused by bad advice?
The scheme does not cover losses caused by bad advice or poor investment management.
3. Does compensation cover investment losses arising from market fluctuations?
The Scheme does not compensate losses caused by market fluctuations in the value of investments. So there is no cover for a downturn in the market, nor for any losses caused by inflation. These economic effects are beyond the control of the intermediaries.
4. Will I be covered if I did business through the lnternet?
Business carried on through the Internet may only be covered if the firm you are dealing with is a licensed intermediary.
5. Does the Scheme cover companies as well as individuals?
Most investors and types of investments are covered. There are however some investors who might not be able to claim. Companies which are permitted to draw up abridged balance sheets in terms of the Companies Act are also covered by the Scheme.
6. Do you cover bank deposits?
Bank deposits are not legally defined as investments and are not covered by this Scheme. They may however be eligible to protection under a different arrangement, namely the Depositor Guarantee Scheme.
7. Will I be covered if a licensed investment firm refuses to hand over any monies because of some dispute with me?
Compensation is not triggered if a licensed firm could hand over the monies to you but is refusing to do so for reasons unconnected with its adverse financial circumstances. So the Investor Compensation Scheme will not cover such claims.
8. What happens if the licensed investment firm holds specific investment instruments or other assets which belong to me?
The Scheme covers not only the repayment of monies owed to you. It is also required to return any investments or assets which are held on your behalf by a licensed firm, or, where this is not possible, to pay compensation on the basis of their value.
9. How does the Scheme obtain its funds to pay compensation to investors?
The Investor Compensation Scheme is not an insurance company. It is not funded by the Government or by the taxpayer. The Scheme is funded by contributions from most intermediaries which are licensed by law to provide investment services. These contributions take the form of a fixed amount which is paid annually and a variable provision which accumulates each year and is payable on call, in case of need.
10. What if I have more than one claim?
An investor can only submit one claim for all his investments taken in aggregate against a failed licensed firm.
11. What if I have a joint account or a trust, or my holdings are held under nominee?
Joint investment accounts are divided equally between account holders where there is no indication of the share of each holder in the account. Each will be covered up to the limits prescribed in the Regulations, subject to eligibility. In respect of investments held by a person acting as trustee or nominee for one or more beneficial owners, the investment making up the claim shall be deemed to belong to such beneficial owners equally unless there exists specific information which may otherwise determine the beneficial interests of such persons.
1. Kif tiddeciedu jekk it-telf li qed nikklejmja hux kopert?
Ahna niccekkjaw b’attenzjoni kull talba ghal kumpens u nizguraw li kull klejm hija koperta mir-Regolamenti qabel stess nibdew nittrattawha. Jekk int ma tkunx eligibbli ghal kumpens skond ir-Regolamenti, ahna niktbulek u nispjegawlek ghaliex.
2. L-Iskema tkopri telf ikkagunat minn parir hazin?
L-Iskema ma tkoprix telf ikkagunat minn parir mhux addattat jew minn amministrazzjoni hazina ta’ l-investiment.
3. Il-kumpens ikopri telf minn investimenti li jirrizulta minn caqliq fis-suq?
L-Iskema ma tikkumpensax telf fil-valur ta’ l-investimenti ikkagunat minn caqliq fis-suq. Ghalhekk m’hemm ebda kopertura ghal volatilita fis-suq finanzjarju, u lanqas ghal xi telf ikkagunat minn inflazzjoni. L-intermedjarji m’ghandhom ebda kontroll fuq dawn l-effetti ekonomici.
4. Jien inkun kopert jekk ninnegozja permezz tal-lnternet?
Negozju li jsir permezz ta’ l-Internet jista’ jkun kopert biss jekk id-ditta li qed tittratta maghha hija intermedjarju licenzjat.
5. L-Iskema tkopri kemm kumpaniji u kemm individwi?
Hafna investituri u diversi tipi ta’ investimenti huma koperti. Madankollu hemm xi investituri li jista’ jkun li ma jistghux jikkljemjaw. Kumpaniji li ghandhom permess li jikkompilaw karti bilancjali mqassrin skond l-Att dwar il-Kumpaniji huma koperti wkoll mill-Iskema.
6. Intom tkopru depoziti bankarji?
Depoziti bankarji legalment mhumiex definiti bhala investimenti u mhumiex koperti minn din l-Iskema. Izda jistghu jkunu eligibbli ghal protezzjoni taht arrangamenti differenti, jigifieri l-Iskema ta’ Kumpens lid-Depozitant.
7. Jien inkun kopert jekk ditta ta’ investimenti licenzjata tirrifjuta li tghaddili xi flus minhabba xi kwistjoni mieghi?
Il-kumpens ma jigix attivat jekk ditta licenzjata tista’ tghaddilek xi flus izda qed tirrifjuta li taghmel dan ghal ragunijiet li m’ghandhomx x’jaqsmu mac-cirkustanzi finanzjarji hziena li tkun fihom. Ghalhekk l-Iskema ta’ Kumpens lill-Investitur ma tkoprix talbiet ta’ din ix-xorta.
8. X’jigri jekk id- ditta ta’ investimenti licenzjata jkollha f’idejha strumenti ta’ investiment specifici jew assi ohrajn li jkunu propjetà tieghi?
L-Iskema tkopri mhux biss il-hlas lura ta’ flus dovuti lilek. Hija ghandha wkoll trodd lura investimenti w assi li jkunu qed jinzammu f’ismek minn ditta licenzjata, jew, fejn dan mhux possibbli, thallas kumpens fuq il-bazi tal-valur taghhom.
9. L-Iskema kif iggib il-fondi taghha biex thallas kumpens lill-investituri?
L-Iskema ta’ Kumpens lill-Investituri mhijiex kumpanija ta’ assigurazzjoni. Mhiijiex iffinanzjata mill-Gvern jew minn min ihallas it-taxxa. L-Iskema hija finanzjata minn kontribuzzjonijiet mill-parti l-kbira tal-intermedjarji li huma licenzjati skond il-ligi biex jaghtu servizzi ta’ investimenti. Dawn il-kontribuzzjonijiet isiru f’forma ta’ ammont fiss li jithallas kull sena u provvediment annwali li jakkumula sena wara ohra u jithallas meta ssir talba, fil-kaz ta’ htiega li jsir dan.
10. X’jigri jekk ikolli aktar minn klejm wahda?
Investitur jista’ jissottometti klejm wahda biss ghall-investimenti kollha tieghu li jingabru b’mod aggregat kontra ditta licenzjata li tkun falliet.
11. X’jigri jekk ghandi kont kongunt jew trust, jew flusi qeghdin taht nominee?
Kontijiet kongunti jinqasmu b’mod ugwali bejn il-propjetarji tal-kont ta’ investiment meta ma jkun hemm ebda indikazzjoni tas-sehem ta’ kull propjetarju fil-kont. Kull wiehed ikun kopert sal-limitu preskritt fir-Regolamenti, jekk ikun eligibbli.
Fir-rigward ta’ investimenti mizmuma minn persuna li tagixxi bhala trustee jew nominee ghal persuna wahda jew aktar, l-investiment li jifforma l-klejm jitqies li jkun propjetà tal-beneficjarji b’mod ugwali jekk ma jkunx hemm informazzjoni specifika li tiddetermina mod iehor l-interessi beneficcjarji ta’ dawk il-persuni.
Ghal aktar taghrif, ikkuntattjana kif gej:
Kumitat tal-Amministrazzjoni tal-Iskema ta’ Kumpens lill-Investitur
c/o Awtorità ta’ Malta ghal Servizzi Finanzjarji
Triq Notabile
Attard BKR3000
MALTA
Tel: +356 21441155
E-mail: info@compensationschemes.org.mt
Web: www.compensationschemes.org.mt