2 Comments

  1. Paul Birch
    May 28, 2021 @ 1:59 pm

    I have been involved in a litigation case against my Malta Trustees, MC Trustees Malta Limited, since March 2018 and we are still at the Preliminary Hearing Stage!! The whole thing stinks from top to bottom, with a fraudster IFA whose company is registered in Panama – a jurisdiction which seemingly is not acceptable to the Malta FSA- aided and abetted by the Isle of Man Insurers and their auditors who all conveniently turned blind eyes and the Trustees in Malta using a subsidiary company of the same group based in the U.K. to supply the administrative services, even though they were not FCA regulated so to do.

    The Trustees have been fined Euro 160,000 for breaches of the Pension Act etc., but no action taken against the Trustees personally and no restitution yet for the huge losses incurred. The worrying part is that there will be hundreds of Members of these Schemes who will have no idea that their pensions are being wiped out because of the secret world in which they all operate..

    HMRC, the FCA and the IoM FOS and FCA all say you need to direct your complaints to Malta and more than 3 years later it has gone nowhere as the corruption within the regulators is omnipresent as the local press demonstrates on an almost daily basis.

    Scandalous.

    Reply

  2. Stephen
    May 29, 2021 @ 4:02 am

    Whilst the authorities say to direct complaints to Malta, if you transferred a defined benefit pension post Feb 2013 there may be a case against your ceding provider for maladministration (see PO-12763 linked above).

    I agree – it is scandalous and victims, by and large have no chance of navigating these waters alone and there is no one guiding them at all…

    There will be no “… flood of similar cases…” just misery for thousands of people ….

    Reply

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