Wednesday 25 April 2018

Central Bank warns consumers over unauthorised investment company

The Central Bank of Ireland headquarters on North Wall Quay, Dublin (Stock picture)
The Central Bank of Ireland headquarters on North Wall Quay, Dublin (Stock picture)
Louise Kelly

Louise Kelly

The name of an unauthorised firm has been published by the Central Bank as a warning has been issued to consumers.

According to the bank, Genworth Consultant Group (USA) is not authorised as an investment firm, investment business firm or to provide investment advice.

"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," a statement from the bank read.

The bank has advised consumers to be aware, that if they deal with a firm or individual who is not authorised, they are not eligible for compensation from the Investor Compensation Scheme.

A list of unauthorised firms published to date is available on the Central Bank website.  Since obtaining the necessary legal powers in August 1998, the names of 296 unauthorised firms have been published by the Central Bank.

Any person wishing to contact the Central Bank with information regarding such firms - or to check if a firm is authorised - can telephone (01) 224 4000. This line is also available to the public to check if a firm is authorised.

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