Financial Regulator issues warning on investment firm

The Financial Regulator is to publish a warning notice on L.A. Policies (Ireland) today.

The firm is not authorised as an investment business firm in Ireland and has been offering investment advice and/or investment business services to members of the public.

It is a criminal offence for an investment business firm to operate in Ireland unless it has an authorisation from the Financial Regulator. Clients of unauthorised firms are not eligible for compensation from the Investor Compensation Scheme.

A spokesperson for the Financial Regulator said: “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.”

Any person wishing to contact the Financial Regulator with information regarding such firms may telephone [phone].

This line is also available to the public to check if an investment firm is authorised.

Since obtaining the necessary legal powers in August 1998, 69 warnings naming 127 firms have been issued.

A list of all warning notices issued to date is available on the website www.financialregulator.ie.