Several months after winning the first of more than 50 appeals, clients of Momentum Pensions Malta told International Adviser they are yet to find out how much compensation they will receive from the firm.
IA reported in February that clients were lamenting a lack of communication from Momentum, as they said the firm was not replying to emails.
Nearly a month later, the clients said the company has not replied to their emails even after they had a lawyer contact the pension provider directly.
In 2020, a Maltese court ruled that clients were to be paid 70% of losses plus interest of 8% per annum.
But it’s not just the compensation sum they are anxious to find out about, as they do not yet know when they can expect to receive the money.
The clients said that Momentum reached out in early March 2022 asking them to provide personal information – including address and bank account details – so that the firm could pay them.
But the members told IA they are refusing to give Momentum Pensions any details until a full compensation breakdown is provided.
After being sent reminders to update their personal data, one client said: “I’ve told them that nothing will be signed until they provide the information.”
A spokesperson for the firm told IA: “Momentum Pensions Malta maintains the highest standards in delivering its responsibilities as a trustee and retirement scheme administrator. We respect the arbiter and court ruling and have kept members continuously updated.
“The payment will be made in line with the arbiter ruling and a full and transparent breakdown of this payment will be provided to the member.”