Tuesday 22 May 2018

Consumers warned over unauthorised firm which cloned details of investment company

The Central Bank's new HQ
The Central Bank's new HQ
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, a company calling Duet Invest plc has been operating as a credit institution in Ireland, without appropriate authorisation.

"This unauthorised firm has cloned the details (name and address) of a Central Bank authorised and regulated firm of the same name," a statement from the Central Bank said.

"It should be noted that there is no connection whatsoever between the Central Bank authorised firm Duet Invest plc and the unauthorised entity that has cloned its details."

The Central Bank warned consumers that if they deal with an unauthorised firm, they are not eligible for compensation from Statutory Compensation Schemes.

Furthermore, it stated that it is a criminal offence for an unauthorised firm to provide financial services in and from Ireland.

"Consumers who have been cold called/emailed and offered financial services should make additional checks to ensure that the firm they are dealing with is the legitimately authorised firm," the bank said.

"[They[ should contact the regulatory authority that the firm has advised it is authorised by and check that the contact details for the firm, that are held by the regulatory authority, match those provided by the firm who has cold called/emailed them."

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