Report due on wealth managers

A REPORT about the operations of a Dublin wealth management company will be submitted to the High Court in October.

In July, Mr Justice Gerard Hogan appointed George Treacy, head of the Central Bank’s investments service providers supervision division, and Noel Thompson, an authorised officer within that division, as inspectors to Custom House Capital Ltd, with registered offices in Merrion Square, Dublin.

At the High Court yesterday the judge was informed the report will be handed into court on October 21.

David Barniville SC for the inspectors said he was not yet in a position to indicate if all of the report could be published.

The two inspectors were appointed following an application to the High Court by the Central Bank under the EC (Market in Financial Instruments) Regulations 2007. It was the first occasion an application of this kind was brought by the Central Bank.

Accountants KPMG were also appointed to support the inspection into Custom House Capital.

The Central Bank took action in order to evaluate the records of the firm relating to client assets and customer holdings and to assess the financial position of the firm.

The Central Bank has also placed restrictions on the firm preventing it from carrying out any transactions or making payments to any clients in order to protect the interests of all existing clients until the impact of these issues have been established.