A pensioner is seeking a £20,000 (€26,500) refund from a financial services firm, claiming he had not been made aware he was purchasing a high-risk product intended for experienced investors.

The demand was made in a judicial protest filed this morning by Angelo Zahra, 78, from Żejtun against Global Capital Financial Management Ltd.

The pensioner took this step in the wake of an investigation by the financial services watchdog, which last month concluded that the sale of the product called Lifemark was “prohibitively prejudicial in various counts.”

The firm did not appear open to the possibility of taking any steps to accept its recommendation

In view of this, the Malta Financial Services Authority recommended that the capital outlay had to be refunded, together with compensation for interest lost.

However, the authority pointed out that the firm “did not appear open to the possibility of taking any steps to accept its recommendation” and was thus reluctant to acquiesce to his request.

Lawyer Stefano Filletti and legal procurator Davina Sullivan signed the protest.