Regulator issues warning on investment firm

The Financial Regulator today publishes a warning notice on Bull and Bear Advisory (Ireland).

The firm is not authorised as an investment firm in Ireland and maybe claiming to be an investment firm based here. The notice is published today in Irish daily newspapers under the Markets in Financial Instruments Regulations 2007.

It is a criminal offence for an investment 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, 70 warnings naming 128 firms have been issued. A list of all warning notices issued to date is available on the website www.financialregulator.ie