Three pension administrators collectively fined €39,000 over late filings

In June, the Malta Financial Services Authority (MFSA) fined three pension fund administrators a total of €39,075 over a series of late company filings.

Atom Trustees Limited was slapped with the largest fine of €14,475 out of the three for failing to adhere to its obligations under the Retirement Pensions Act and well as parts of the Pension Rules for Service Providers.

The company was accused of failing to submit the Audited Annual Financial Statements and Audited Annual Financial Statement for the year ended December 2019, and its Interim Financial Returns covering the periods January-March 2020, April-June 2020 and July-Sept 2020, within the regulatory deadline.

Moreover, the MFSA accused Atom Trustees of failing to adhere to its obligations under the Pension Rules for Personal Retirement Schemes by not submitting the Audited Annual Financial Statements for the year ended 31 December 2019, Auditor’s Management Letter for the year ended 31 December 2019, as well as the half-yearly report for year 2020 (relating to its Retirement Scheme), within the regulatory deadline.

Atom Trustees Ltd is authorised by the MFSA to operate as a trustee, fiduciary and administrator of private foundations, as well as a retirement scheme administrator to provide the administration of pension schemes in Malta.

The next largest fine of the three was levelled against Sovereign Pension Service Limited of €13,600. It too was accused of late filings and failing to adhere to obligations under the Retirement Pensions Act and the Pension Rules for Service Providers.

The company in question is accused of not submitting its Audited Annual Financial Statements and Unaudited Annual Financial Return for the year ended 31st May 2020, as well as the Interim Financial Return covering the period June to August 2020.

It is also accused of failing to submit its half-yearly financial statements for 2020 within the deadline.

Lastly, Bourse Pension Administrators were accused of failing to submit its Audited Annual Financial Statements and Auditor’s Management Letters for the year ended December 2019 within the deadline.

For this it was fined €11,000.

All three companies may appeal the decision before the Financial Services Tribunal within a pre-defined number of days.