The Central Bank of Ireland has published 5 notices warning against unauthorised firms.
- Blackwall UCITS Platform ICAV (Clone)
- NoE P&I Dac (Clone)
- Euro Finances Express (Clone)
- IVI Umbrella Fund PLC / IVI Funds PLC (Clone)
- Trojan Funds –CLONE
A list of unauthorised firms published to date is available on the Central Bank website.
It is a criminal offence for an unauthorised firm to provide financial services in Ireland that would require an authorisation under the relevant legislation for which the Central Bank is the responsible body for enforcing. Consumers should be aware that, if they deal with a firm which is not authorised, they are not eligible for compensation from the Investor Compensation Scheme.
For further information, please visit the Avoiding Scams and Unauthorised Activity section of the Central Bank’s website.
There are some general steps that individuals should take before dealing with firms / persons which purport to offer financial services:
- If you are buying a financial product such as a loan, insurance, investment or pension, or engaging a financial service such as investment advice, only deal with a Central Bank authorised firm / person – check the Register to see if the firm / person is registered. Always access the Register from the Central Bank website, rather than through links in emails or on a firm’s / person’s website.
- Always double-check the URL and contact details of a firm / person in case it is a ‘clone firm / person’ pretending to be an authorised firm / person, such as your bank or a genuine investment firm.
- Check the list of unauthorised firms. If the firm / person is not on our list, do not assume it is legitimate – it may not have been reported to the Central Bank yet.
Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 4000. This line is also available to the public to check if a firm is authorised.
The name of the above firms are published under the Central Bank (Supervision and Enforcement) Act 2013.
Source: Central Bank of Ireland