Just wanted to quickshare this, as I did not find any solution to this problem using Google. I found this blog that had the same problem, but the proposed solution did not solve the problem for me.
I could not connect to the Managed Metadata Service from my web application / site collection, and when I tried to add new metadata columns I got the error message No Data Received From Term Stores.
When I tried to go throught Site settings –> Term store management tool, I got this error message: “The Managed Metadata Service or Connection is currently not available. The Application Pool or Managed Metadata Web Service may not have been started. Please Contact your Administrator.”
Turned out the solution was a rather easy one. Under Central Administration –> Service Applications select Configure service application associations (or navigate to
/_admin/ApplicationAssociations.aspx). Make sure that the Managed Metadata Service is added as an Application proxy to the web application you are trying to access it from. Pretty obvious really, but not hard to miss.
If this doesn’t work, it’s probably a permission issue as discussed here.