Over 1,400 claims lodged by clients of investment firm Custom House Capital with a fund set up to compensate consumers when investment firms collapse, have yet to be certified.
This means compensation cannot be paid.
Custom House Capital failed five years ago due to what the High Court described as "deeply dishonest" actions by its directors who misused client funds and falsified accounts to conceal risky property bets from investors.
In its annual report published this morning, the Investor Compensation Company (ICCL) says delays in certifying claims following the liquidation of Custom House Capital are "most unsatisfactory".
CHC failed as a result of misappropriation of client funds.
Three of its office holders were last week disqualified by the High Court from acting as company directors for between 10 and 14 years.
It is the largest case the ICC has ever dealt with and involved claims from investors totalling €19.7m.
So far, 577 of these have been certified by the liquidator and €7.1m in compensation has been paid.
The maximum ICCL can pay out is €20,000 though some CHC clients lost sums far higher than this.
ICCL chief operations officer Michael Fagan said the delays in certifying these claims were due to the complexity of the liquidation.
He said they were frustrating as ICCL can immediately pay out once they are certified.
