On March 22, the House of Representatives promulgated the Arbiter for Financial Services Act (the "Act") that sets up the office of the Financial Arbiter. Conceived as an expeditious alternative to resolve disputes between financial operators and consumers of financial services, the fundamental flaws that riddle the Act, create more concerns than dispel them. Any system intended to resolve disputes must be characterised by an innate balance of the divergent interests among those participating in the system. Speed, while vital, is not the only criterion that sets the benchmark of an... This article is part of our premium content. Full story is available on Times of Malta Premium.
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