This is the latest in a series of warnings the regulator has issued in recent years, with the volume having increased since the onset of the current global recession.
“The firm is not authorised as an investment firm in Ireland and has been offering investment services to members of the Irish public. The notice is published today in Irish daily newspapers under the European Communities (Markets in Financial Instruments) Regulations 2007,” the Financial Regulator said in a statement issued yesterday.
In all, some 82 warnings have been issued naming 155 investment firms since the Financial Regulator obtained the necessary legal powers in August 1998.
Under Irish legislation, the Regulator is empowered to warn potential investors against companies who seek to offer financial services in Ireland without the authority of the Irish Central Bank.
Many of these companies are in remote jurisdictions, but an increasing number are citing seemingly credible countries of origin such as Britain, the US, Luxembourg and even Ireland.
Unfortunately, consumers who invest in unauthorised firms are not eligible for compensation from the Investor Compensation Scheme.
Any person wishing to contact the Central Bank and Financial Regulator with information regarding such firms may telephone 01-224 4000. This line is also available to the public to check if an investment firm is authorised.
A list of all warning notices issued to date is available on the website www.centralbank.ie. For a list of unauthorised firms, visit: www.financialregulator.ie/unauthorised-firms.