Boiler room complaints up 100%

A 100% increase in the number of complaints regarding “boiler room” scams has been recorded by the Central Bank.

The Central Bank said the number of complaints and queries about boiler room scams have risen from 40 last year to 80 already this year.

The bank has already issued four warnings since January, naming nine unauthorised companies that have been operating in Ireland. It is a criminal offence for an investment firm to operate in Ireland unless it has authorisation from the Central Bank. Clients who deal with unauthorised investment firms have no recourse to the investor compensation scheme.