John Rogers

Review of Momentum Pension Malta Limited...

Momentum took business from unqualified "financial...

Momentum took business from unqualified "financial advisers" and fees from the pension funds of people who were hoping to retire without having to worry about being penniless in their latter years. Momentum were supposed to act as "Trustees" for the those with the pension pots. Many of us now see only a bleak future because Momentum has failed us. Failed BIG TIME. Clearly they took our money as fees and did nothing. They allowed life insurance companies to charge huge fees for unnecessary policies which were used to cover the fact that the investing companies that they were associated with did not have the required qualifications and licences to act as financial investment advisers. Those that had any accreditation at all did so for the sale of insurance only. Investments in high risk products were allowed without question when the clients had requested that their funds be placed into low or low to medium risk products. When these "structured notes" failed, the financial losses were huge.

Of course our dire financial situations were not caused by any failure on their part said Momentum! OH NO! If this were the case then why have the financial laws of Malta recently been changed to prevent companies working in the way that Momentum has done? When the truth about the scale of losses suffered from the pension pots became known, Momentum blamed everyone but themselves but clearly the authorities want no more operations of that type.

There is much much more to this story but suffice it to say -
Do not entrust your pensions, savings or any other investment to Momentum.