Finance Minister Edward Scicluna this morning wished directors at Malta's newly-established Financial Services Arbiter's office well in their new roles.

The board of directors will be responsible for administrative issues related to the office of Reno Borg, who this week was appointed Malta's first financial services arbiter. 

Prof. Scicluna told the board that he was confident they would work hard and quickly establish the structures the office of Financial Services Arbiter needed to function efficiently. 

He emphasised the importance of the office providing consumers with an effective and efficient means of settling disputes. 

The Financial Services Arbiter will be empowered to rule on consumer complaints of financial service products. He will also have the power to order financial operators to pay up to €250,000 in compensation. 

Reno Borg was handed a four-year term as Arbiter in a ceremony held yesterday. A lawyer by profession, Dr Borg is a former Bank of Valletta chairman and Labour Party electoral candidate. 

He has held posts in the Prime Minister's office and Attorney General's office in the past, and has previous experience as an Arbiter, having served as one on issues concerning the Social Security Act. 

Geoffrey Bezzina will chair the Arbitration Office's board of directors. Mr Bezzina is a 20-year veteran of the Malta Financial Services Authority. As director at the MFSA, he was charged with educating the public about financial services.

The other board members are Peter Muscat, a banker with experience at Intesa Sanpaolo Bank and Austrian bank Erste Bank, and Anna Mallia, a lawyer who has chaired tribunals for data protection, contravention fines and small claims.