Malta Financial Services AuthorityA

Malta is an ideal destination for businesses to expand presence and is considered to be a promising financial center in Europe.

The Malta Financial Services Authority (MFSA) is an autonomous financial regulator overseeing the financial industry in Malta since 2002. It boasts a reputation of well-developed infrastructure and framework, as well as for the sophistication of its financial market.

The MFSA supervises the financial behavior of all the licensed Forex Brokerage Firms, Credit institutions, Insurance and Pension Companies, Financial Advisors, Banks, Stock Exchange, and all the related firms that play a role in the entire Maltese Market.

Investor protection is the primary concern for MFSA, and the agency has created several departments to help consumers report any cases of financial abuses or broker scams.

Requirement on Forex Brokers' Reports： Transaction Reports; Audit Reports; Clients Funds Reports; Anti-money laundering Reports.

Generally speaking, MFSA-regulated broker profile will be found at the Financial Services Register page on MFSA website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as follow:
1. Find the name of the forex broker, which you can get from the broker’s website;

2. Enter the name into the search bar on https://www.mfsa.mt/financial-services-register/, and choose the firm under "Investment Services";

3. And you’ll get the broker’s contents on MFSA website. At this time you will check the 'Category of Licence' and download attached file for check if the broker has the authorization to provide 'Rights under a contract for differences or purpose or intended purpose of which is to by reference to fluctuations in the value under any other contract the secure a profit or avoid a loss or price for property of any description or in an index or other factor designated for that purpose in the contract' or 'Foreign exchange acquired or held for investment purposes'.

4. If all the above steps have been done, don’t forget to check the most important information: check if the firm details published on MFSA website matches the ones you’ll go to trade with, especially the website and email etc.
If no, please keep away the broker because it's probably an unauthorized firm and your money will fall in danger.

When you have disputes with a MFSA-regulated broker, you can proceed the following ways:

1st way:The recommended way is to contact the broker directly and discuss with them to find a solution.

2nd way:If you are dissatisfied with the broker’s reply or if it doesn`t reply at all, you can refer the complaint to the Office of the Arbiter for Financial Services (OAFS) in Malta. It has the power to mediate, investigate and adjudicate complaints filed by customers against financial services providers. When your complaint is accepted, a complaint fee of €25 is payable to the OAFS.
You can either submit an online complaint form after completing your registration or send the complaint by post: Office of the Arbiter for Financial Services, First Floor, St Calcedonius Square, Floriana FRN1530, Malta.
Online Complaint Form: https://financialarbiter.org.mt/content/step-3-complain-us
Mailed Complaint Form: https://financialarbiter.org.mt/sites/default/files/OAFS-EN_Complaint_Form_2019-fillable_sp%20%282%29.pdf

3rd way:If the 2 ways above can't solve the dispute, the last way is to issue a case to the court in Malta.