Announcement by the Investor Compensation Scheme
Claims relating to Maltese Cross Financial Services Limited (updated 18 December 2014)
The Malta Financial Services Authority has, on 11 August 2014, made a determination to the effect that Maltese Cross Financial Services Limited (“the company”) is unable, for the time being, to meet its obligations arising from claims by its investors for reasons which are directly related to its financial circumstances.
As a consequence of this determination, the Investor Compensation Scheme has been required to provide for the payment of compensation in respect of claims arising out of the inability of the company to:
- repay money owed to or belonging to investors and held on their behalf in connection with licensed business; or
- return to investors any instruments belonging to them and held, administered or managed on their behalf in connection with licensed business or, where this is not possible, their monetary equivalent or value.
The Investor Compensation Scheme Regulations determine the conditions for eligibility to such compensation. The maximum compensation that may be payable by the Scheme amounts to €20,000, or ninety per cent of an investor’s eligible claims, whichever is the lower.
Several investors have already lodged their application for compensation, and the Scheme has to date effected payments to claimants who have made a claim and are eligible for compensation. Clients of the company who have not already made a claim may do so by not later than 31 January 2015. The right of an investor to obtain compensation from the Scheme will be forfeited if the claim is not made within this prescribed time-limit.
Investors should seek legal assistance when determining whether to accept compensation from the Scheme and when considering whether they have other available means of redress.
Claim Application Form
English version (v1.1 - updated on 26 August 2014). You need Adobe Acrobat Reader or similar software to open this file.
Maltese version (v 1.2 - updated 26 August 2014). You need Adobe Acrobat Reader or similar software to open this file.
Amendment to the previous version (v1 - 13 August 2014):
The declaration regarding subrogation (Section 10 of the Claim Application Form) has been changed and now reads:
I/we understand that the Investor Compensation Scheme will, on paying any compensation to me/us, be subrogated in my/our rights and claims against Maltese Cross Financial Services Limited and against any other party solely with respect to the recovery of the compensation paid to me/us by the Investor Compensation Scheme. The aforesaid subrogation shall not prejudice any claims that I/we may have for amounts in excess of the amount paid to me/us by the Investor Compensation Scheme.
The application forms can also be obtained upon request from the offices of the Malta Financial Services Authority (Notabile Road, Attard).
Questions and Answers
The Investor Compensation Scheme has also issued a Question and Answer (Q&A) about the claim application process. This Q&A will be updated from time to time.
Questions and Answer (updated 18 December 2014)
Announcements issued by the Malta Financial Services Authority
Notices and announcements issued by the MFSA are available here.
Public Notice - 12 August 2014
Public Notice - 22 August 2014
Further information
E-mail: info@compensationschemes.org.mt
Freephone: 8007 4924 (working days, from 8am to 5pm)
Avviz importanti mill-Iskema ta’ Kumpens lill-Investituri
Talbiet relatati ma’ Maltese Cross Financial Services Limited (aggornat fit-18 ta' Dicembru 2014)
Fil-11 t’Awwissu 2014, l-Awtoritá Maltija ghas-Servizzi Finanzjarji ddeterminat li Maltese Cross Financial Services Limited ghal ragunijiet li huma direttament relatati mac-cirkostanzi finanzjarji taghha, ma tistax taqdi l-obbligi taghha li jirrizultaw minn talbiet maghmulin mill-investituri.
B’rizultat ta’ din id-determinazzjoni, l-Iskema ta’ Kumpens lill-Investituri kienet mitluba tipprovdi ghall-hlas ta’ kumpens fir-rigward ta’ talbiet li jirrizultaw mill-inabilitá ta’ Maltese Cross Financial Services Limited sabiex:
- thallas lura flus dovuti lil, jew li jkunu ta’ investituri u mizmumin f’isimhom f’konnessjoni ma’ negozju licenzjat; jew
- trodd lura lill-investituri strumenti li huma propjetá taghhom u mizmumin, amministrati jew immanigjati f’isimhom f’konnessjoni ma’ negozju licenzjat jew, meta dan mhux possibli, l-ekwivalenti taghhom fi flus jew valur.
Ir-Regolamenti ghall-Iskema ta’ Kumpens lill-Investituri jidderterminaw il-kundizzjonijiet ghall-eligibiltà ghal dan il-kumpens. L-ammont massimu ta’ kumpens li jista’ jithallas mill-Iskema huwa ta’ €20,000, jew 90% tat-talbiet eligibbli tal-investitur, liema minnhom ikun l-inqas.
Dawk l-investituri li ghadhom ma ressqux it-talba taghhom ghal kumpens jistghu jaghmlu dan sa mhux iktar tard mill-31 ta’ Jannar 2015. L-investitur ikun qed jitlef id-dritt tieghu ghal kumpens mill-Iskema jekk il-formola tal-applikazzjoni ma tigix sottomessa sad-data msemmija hawn fuq.
L-investituri ghandhom ifittxu ghajnuna legali biex jiddeterminaw jekk ghandhomx jaccettaw il-kumpens mill-Iskema kif ukoll sabiex jikkunsidraw jekk ghandhomx rimedji ohra bil-ligi.
Formola ta’ applikazzjoni
Verzjoni bl-Ingliz (v1.1 - aggornata fis-26 t’Awissu 2014). Ghandek bzonn Adobe Acrobat Reader jew software simili biex tiftah il-fajl.
Verzjoni bil-Malti (v1.2 - aggornata fis-26 t’Awissu 2014). Ghandek bzonn Adobe Acrobat Reader jew software simili biex tiftah il-fajl.
Emendi ghall-verzjoni precedenti (v1.1 - 14 t'Awissu 2014):
Id-dikjarazzjoni fir-rigward tas-surroga (Sezzjoni 10 tal-Formola ta’ Applikazzjoni) inbidlet u issa taqra kif gej:
Jien/ahna nifhem/nifhmu li l-Iskema ta’ Kumpens lill-Investituri, wara li thallas kwalunkwe kumpens lili/lilna, se tikseb d-drittijiet ghall-klejm tieghi/taghna kontra Maltese Cross Financial Services Limited u kontra xi terzi persuni ohra, fil-konfront unikament tal-ammont ta’ kumpens li l-Iskema ta’ Kumpens lill-Investituri ser tkun qed thallas lili/lilna. Din is-subrogazzjoni tad-drittijiet ser tkun tfisser illi jiena/ahna jibqaghli/jibqaghlna d-dritt nirkupra/w ammonti oltre minn dak li ser tkun qed tikkumpensani/tikkumpensana l-Iskema ta’ Kumpens lill-Investituri.
Il-formola tista’ wkoll tinkiseb mill-ufficcji tal-Awtorità Maltija ghas-Servizzi Finanzjarji (Triq Notabile, Attard).
Mistoqsijiet u Twegibiet
L-Iskema ta’ Kumpens lill-Investituri harget ukoll sensiela ta’ Mistoqsijiet u Twegibiet dwar il-process ta’ applikazzjoni ghal kumpens. Dawn il-Mistoqsijiet u Twegibiet se jigu aggornati minn zmien ghal zmien.
Mistoqsijiet u Twegibiet (Aggornati fit-18 ta' Dicembru 2014)
Avvizi mahruga mill- Awtorità Maltija ghas-Servizzi Finanzjarji
Avvizi u ahbarijiet mahruga mill-MFSA huma disponibbli hawn.
Avviz Pubbliku - 12 ta' Awissu 2014
Avviz Pubbliku - 22 ta' Awissu 2014
Aktar taghrif
E-mail: info@compensationschemes.org.mt
Freephone: 8007 4924 (granet tax-xoghol, mit-8am sal-5pm )