IFSRA warns public of two investment firms

The Irish Financial Services Regulatory Authority (IFSRA) has published a warning notice on two firms offering investment advice to the Irish public.

The activities of the unregistered firms named Professional Capital Management Pte Ltd (Singapore) and Carlton Marsh Limited (Brazil, Panama and Singapore) have been highlighted in national newspaper ads today.

Potential customers have been warned that clients of unauthorised companies are not eligible for compensation from the investor compensation scheme.

Under the Investment Intermediaries Act, 1995, it is criminal offence for an investment firm to operate in Ireland unless it has an authorisation from the Financial Services Regulator.

Since obtaining the necessary legal powers in August 1998, 57 warnings naming 115 firms have been issued by the IFSRA.