The Labour Party said today that a year after the MFSA announced the outcome of its first investigation into the operations of the La Valette Multi-Manager Fund, the Authority had not announced the results of its investigation into alleged mis-selling. The first investigation revealed a breach of financial regulations.

"Hundreds of investors and their families are anxiously awaiting advice from the MFSA about whether or not their claim that they were mis-sold a product which was meant for experienced investors and for which they were therefore ineligible, was justified" the PL said, adding that many had lost people had hard-earned savings.

It noted that as far back as August 23, 2011 the MFSA had declared that it had reached its conclusions on this issue. On November 3, 2011, the Authority said it would announce its final position by the end of the year.

The party said that the MFSA should therefore publish its position immediately. With two years having gone by, the MFSA had had ample time to come up with its findings and it was unacceptable that hundreds of investors were kept waiting for such a long time.

The party further noted that the La Valette Multi Manager Property Fund was still open for public subscription on the basis of a supplementary prospectus dated August 10, which had not been updated with the conclusions announced by the MFSA in May - in violation of the MFSA's rules. 

The statement was signed by Charles Mangion, the PL's spokesman on finance.