Issue link: https://maltatoday.uberflip.com/i/1411841
maltatoday | SUNDAY • 19 SEPTEMBER 2021 15 LAW CLASSIFIEDS CLASSIFIEDS INFO @MEDIATODAY.COM.MT HOLIDAY ACCOMMODATION MARSALFORN, Gozo - holiday apartments for short or long lets with magnificent sea-views. Call 21556021, 27556021, 79426883 PROPERTY TO LET XLENDI - catering premises in prime site to let. Can be used for other commercial purpos- es. Phone 79493021, 79426883, 77481592 or 77484029 PROPERTY FOR SALE SAN GWANN - Close to all amenities and located in the com- mercial district is this 3 storey OFFICE BUILDING. Presently arranged in open plan layout on each floor, complimenting this there are a number meeting rooms. Each floor has a balco- ny and toilet facilities, with the 3rd floor having a front terrace overlooking the main street and the back balcony with country views. Although the property is currently being used as offices, there is the possibility of con- verting to two apartments and a penthouse with terrace. The property is being offered free- hold. Asking price: €760,000. Call on:79899838. SAN GWANN- Open plan 190sqm, ready to move into designer finished second floor apartment in a central quiet street forming part of a block of 5 apartments. Two double A/C bedrooms and 1 single A/C bed- room, two bathrooms, lift, dou- ble glazing doors and windows. Direct from owner €350k inquire on 79402244. TAR XIEN - Larger than usu- al first floor duplex maisonette. Three bedrooms; double glazed windows; inverter air condition- ers including solar water heater. Being sold furnished. Own air- space with possibility of further development. Contact owner on 99912005/99450639. SERVICES NEWSPAPER adverts - Book & pay on-line on www.perfecta. com.mt - no extra charges. Call on 21322452 SITUATIONS VACANT B U I L D I N G E N E R G Y TECHNOLOGIES LTD - we have job positions for General labour- ers & General Construction Cleaners in roads construction. Applicants must have experience, fluently speak English and other languages. Hourly rate Eur4.50. Interested applicants may send e-mail to: secretary@a-plusplus. eu. CARE WORKER - Assistiamo Group Services LTD has a vacan- cy for Live in Care Workers. Applicants must have mini- mum of three years' experience, must fluently speak English & Italian. Hourly rate from Eur4.62. Interested Applicants may send an email to secretary@a-plusplus. eu. CLEANER - Transatec Ltd are seeking to employ a Cleaner on a full-time basis. Experience in a 4-star hotel or higher is required. Interested persons are invited to send their CV via email addressed to the HR Department on info@ transatec.com by not later than 20th September 2021. No agen- cies please. SIGNAL 8 - Signal 8 Security Malta Ltd. requires filling posi- tions as Customer Care Clerks, Security Guards, security for plac- es of entertainment and cleaners. Applicants should be customer care orientated, smart and flexible for shift work. Email your CV to hr@signal8securitymalta.com.mt TRUCK DRIVERS - Ibeseen Malta Ltd has a vacancy for Truck Driver. Applicants must have min- imum of three years' experience and speak fluent English. Hourly rate from Eur6.95. Interested applicants may send email to sec- retary@a-plusplus.eu. WANTED COLLECTIBLE items such panini albums and loose stickers, old postcards and posted envelopes, medals, militaria, coins and paper money, books, toys, stamps, badg- es, paintings, gold & silver items etc. Call on 21310238, 99246632. THE fact that an investor is also an investment adviser, has bearing on the fact that he took decisions that he was well aware of the risks that were being taken. This was held in a Court of Appeal judgement delivered on 15 September 2021 by Mr Justice Lawrence Mintoff in Matthew Henman and Sally Henman -v- Momen- tum Pensions Malta Limited. This is an appeal from a de- cision delivered by the Arbiter for Financial Services on 28 Ju- ly 2020. This case started when the Appellants, Matthew and Sally Henman applied to be members of a pension scheme run by Momentum Malta Re- tirement Trust, following ad- vice from Continental Wealth Management. The scheme was licenced by the Malta Finan- cial Services Authority. The Appellants filed a complaint in February 2018 asking for com- pensation after their invest- ment fell through. Momentum contested the claim stating that Continental Wealth Man- agement (CWM), registered in Spain should have been sued, since it was this company gave the advice. The company de- nied fraud or negligence, but the loss was due to the Appel- lants adviser. The Arbiter held that Ap- pellant was a financial advis- er. Momentum was subject to Maltese law, including the Re- tirement Pensions Act, 2011 came into force in 2015. This law succeeded the Special Funds (Regulation) Act, 2002. The latter legislation contin- ued to be in force until author- ised by the MFSA. Momentum was set up to pro- vide retirement benefits in the form of a pension to those who reside in and outside Malta. The members were allowed to appoint their own investment adviser. The Appellants assets were invested in the European Exec- utive Investment Bond. CWM was appointed as the advisers of the Appellants. The Appel- lant worked with CWM and in fact he was his own finan- cial adviser. The Appellant explained that he worked with CWM but in the capacity of selling QROPS and as such he was knowledgeable on UK pen- sions. He was never involved investments CWM. Momen- tum pointed out that in fact he was Senior Partner at CWM. The Arbiter held that in view of his experience in the finan- cial services world and his knowledge on the implications of these investments, the com- plaint was not upheld. The Appellants in their ap- peal asked the Court to re- voke the Arbiter's decision and overturn it by accepting the complaint and liquidate com- pensation. The Appellants in their ap- peal pointed out that reference to the term Senior Partner in an email only made reference to his title at CWM, as an em- ployee. He also presented his employment contract, which listed limitations to the title of Partner. He confirmed that he worked in the field of QROPS and not investments there was no cor- relation between the two. They criticised the Arbiter to decid- ing their complain on scanty and insufficient evidence. They also argued that if Matthew Herman is an expert, his wife Sally is not. The Court of Appeal in its judgement pointed out that this case is different from oth- er complained lodged against Momentum, and this is due to the fact that the Appellant was an investment adviser at CWM. This fact had a materi- al bearing upon the complaint. The Court agreed with the rea- soning of the Arbiter. As to the fact that Sally Herman was not a expert, the Court point- ed out there were documents where both Appellants signed, others were signed separately but signed in a short time. It is unlikely that Sally Henman did not reply on her husband's advice and the fact that they complaint was a joint one, strengthen the Court's belief. The Court then moved to dis- miss the appeal and confirm the Arbiter's decision. Financial Adviser's position may be a material fact in a financial services complaint LAW REPORT MALCOLM MIFSUD Mifsud & Mifsud Advocates