The Financial Services Tribunal  |  It-Tribunal Ghal Servizzi Finanzjari
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img top2 "To process appeals fairly and efficiently" - The Chairman
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Chairman and Commitee


Dr Pierre Lofaro LL.D. was born in 1955. He received his education at De La Salle College, Cottonera. Dr. Lofaro was called to the Bar and admitted to the Chamber of Advocates in 1980 after reading law at the University of Malta.
He undertook general practice and was a partner in Grech Hyzler Tortell and later on in Grech Vella Tortell & Hyzler. Dr Lofaro, together with Dr. Michael Tanti-Dougall, estbalished Lofaro & Tanti-Dougall Law Firm in September 2001.
In his practice he has mainly dealt with civil and commercial matters and has undertaken both litigation and non-contentious work in these fields.
In 1988 he was appointed Arbitrator on the Partition of Inheritances Tribunal. He has been chairing the Financial Services Tribunal since 9th February 1999. He was also the Chairman of the Malta Stock Exchange Tribunal since its inception on 27th May 1999 until it was merged with the Financial Services Tribunal in 2002.
Dr. Lofaro is married to Magistrate Abigail Lofaro.

Mr. Joseph Azzopardi FCCA, FIA, CPA, MBA (Warwick) was educated at Stella Maris College where he was scholarship student. He is a Fellow of the Chartered Association of Certified Accountants, holds a practicing warrant in auditing and is a graduate Master of Business Administration from Warwick Business School. He has worked in a big five audit firm both in Malta and overseas, lectured at the University of Malta in the Department of Management and was an advisory partner in a mid-tier audit firm. He currently manages his own practice servicing a number of international clients.

Joseph was director of the Malta Stock Exchange from 2013 to 2015, where he also chaired the audit committee, and is now a council member of the Maltese Italian Chamber of Commerce. In 1996 he co-authored a publication “A Director’s Guidebook to the Companies Act 1995”. He is married with two children.

Dr David Fabri is a Senior Lecturer and Head of the Department of Commercial Law at the University of Malta where he also co-ordinates the Masters in Financial Services programme. He holds the degrees of LL.D (in 1979) and a Ph.D. (Melit.) (in 2015). For over twenty years, he worked for the Malta Financial Services Authority as Head of its Legal and International Affairs Unit and as Board Secretary. His main areas of interest are consumer policy and protection, company and co-operatives law, whistle-blowing, business ethics, financial services legislation and regulation generally, subjects on which, since 1994, he has lectured and written extensively. He has drafted or co-written numerous laws on these subjects including the Consumer Affairs Act 1994, the Companies Act 1995, the Product Safety Act 2001 and various financial services laws. He currently serves on the University Research Ethics Committee and the Administrative Review Tribunal. In the past, he formed part of the Co-operatives Board and the Consumer Affairs Council.

Mr. C L Farrugia M.Sc(Econ) Lond, B.Sc, FCMA, FCIS, CPA Educated at the London School of Economics , later graduating also in Management Accounting. University lecturer till 1968. General Manager at the Malta Development Corporation and acting Governor of the Central Bank of Malta until 1974. In private sector since then, mainly as financial consultant. President of the Federation of Industry, later adviser to the General Workers' Union. Managing Director of several manufacturing firms until 1995. Currently member of the Commission for Fair Trading

Maj Francis Naudi FIA, CPA was appointed a substitute member of the Financial Services Tribunal on 9 February 1999. He is a fellow of the Malta Institute of Accountants, a member of the Malta Institute of Taxation and a Certified Public Accountant.

Major Naudi passed out of the Royal Military Academy, Sandhurst, U.K. in July 1956 and was commissioned into the Royal Malta Artillery. He saw service in the United Kingdom, Malta, Libya and Germany. He retired from the Army on 1 August 1970 in the rank of Major.

Major Naudi commenced his accounting studies in 1968 and qualified as an accountant in 1970. He joined the firm of Norman Spiteri & Co and worked with this firm for 5 years. He set up his own practice in January 1976 and formed a partnership named Naudi Giorgio Leone Ganado & Co in 1977. This partnership eventually was taken over by Price Waterhouse, Europe in 1995. Major Naudi retired in July 1998."
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