Consumer Rights & Duties


Within this page consumers can find out about their rights and duties with banking, insurance, investments and financial advice, and how to complain or avoid scams.

What are my rights?

I am not satisfied with the service provided by my licence holder

Account Information and Payment Initiation Services

The Payment Services Directive 2 identifies two types of payment providers which do not hold customer payment accounts which are Payment Initiation Service Providers (PISP) and Account Information Service Providers (AISP).

Debit and Credit Cards

It is very important that you keep your payment instruments (such as debit, credit card and electronic key) in a safe place and to notify the payment service provider when becoming aware of its loss, theft, misappropriation or of its unauthorised use.

Deposits and Savings Protection

If you have a current, deposit or saving account in a Maltese bank,  in the unlikely event of a bank failure you are covered up to a limit of €100,000 by the Depositor Compensation Scheme.

Direct Debits

When you pay utility bills by SEPA Direct Debits you can ask for a refund within eight weeks if the amount debited is higher than expected based on your spending habits and the terms and conditions of the contract.

Loans

Before entering into a contract to get a loan, you must receive complete and clear information on the conditions and costs of the loan.

Misleading Financial Adverts

When advertising their products, financial services providers  should clearly explain what the product or service is, how it works and how you could benefit from it. They must also be clear about the costs involved and whether there are any risks to your money.

Mystery Shopping Exercise

A mystery shopping exercise carried out by the MFSA has found that customers seeking to open a bank account rarely did so with sufficient knowledge of the various products available.

Payment Protection Insurance (PPI)

If you had Payment Protection Insurance and it was mis-sold to you may lodge a complaint.

Payment Services

A payment transaction can only be considered to be authorised if you have given your consent to execute such a transaction. The way such consent is to be given has to be agreed in the contract between you and the payment provider.

Regulated Entity

Before signing a contract with a financial services provider always check if it is regulated. Only regulated entities are authorised to provide financial services in or from Malta.

Transfers

The liability of the payment service provider is limited to the correct execution of the payment transaction in accordance with your payment order.

Unauthorized Payments

Money can only be taken from your account if you have authorised the transaction. If you notice a payment out of your account which you did not authorise, you should contact your Bank immediately and claim a refund.