Wednesday 24 May 2017

Central Bank warns consumers about unauthorised investment firm 'Reserve Bank of Ireland'

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Independent.ie Business Desk

Consumers in Ireland have been warned about an unauthorised investment firm.

The Central Bank said Reserve Bank of Ireland was not authorised by it to operate as an investment firm, investment business firm or to provide investment advice.

A statement from the Central Bank said it is a criminal offence for an unauthorised firm/person to provide financial services in Ireland that would require an authorisation under the relevant legislation which the Central Bank is the responsible body for enforcing.

“Consumers should be aware that, if they deal with a firm/person who is not authorised, they are not eligible for compensation from the Investor Compensation Scheme,” the Bank said.

Anyone who wants to contact the Central Bank with information regarding such firms or persons may telephone (01) 224 4000, the regulator said.

Since obtaining the necessary legal powers in August 1998, the names of 292 unauthorised firms have been published by the Central Bank.

A list of unauthorised firms published to date is available on the Central Bank www.centralbank.ie.

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