The Malta Financial Services Authority handed a €23,000 (£20,450, $25,300) fine to DeVere & Partners on 30 March.
It was the highest penalty which the authority could have imposed and relates to a “contravention of the provisions of the Insurance Distribution Act”.
The MFSA said it “concluded that the company has carried out insurance distribution activities, as defined in article 2 of the IDA, without having the necessary licence”.
DeVere has 30 days to appeal, which a spokesperson told International Adviser it plans to do.
“We are disappointed and surprised by the administrative penalty.
“We intend to appeal it whilst continuing to champion and to adhere to the regulator’s work to maintain and further enhance industry standards.”
