Warning to consumers on investment firm

The Financial Regulator today warned consumers about using an unauthorised Swiss investment firm.

An investigation revealed that Godfrey Brooks Investment Advisory had been offering investment advice and business services to consumers without being authorised to do so.

The Financial Regulator’s consumer director Mary O’Dea said it was a criminal offence for investment firms to operate without authorisation.

She said clients of unauthorised firms were not eligible for compensation from the Investor Compensation Scheme.

“If you receive an approach from a firm check with us to ensure they are authorised to sell investment services in Ireland. Never give your bank account number and personal finance details over the phone,” she said.

The Financial Regulator’s website contains a list of other unauthorised investment firms, including Global Investment Group of the USA, the Nation Capital Group of Spain and the Roth Group of Germany.

Since the Regulator was given the legal powers to deal with unauthorised investment firms in 1998, it has issued 63 warnings naming 121 firms.