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Dublin: 7 °C Tuesday 7 April, 2020

Consumers warned about fake investment firm that has cloned another company's details

A company is pretending to be GVQ Investment Funds (Dublin) plc, a real firm.

Central Bank
Central Bank

THE CENTRAL BANK has warned consumers to exercise caution if contacted by a firm calling itself GVQ Investment Funds (Dublin) plc.

The bank said the company “has been operating as an investment firm in the State in the absence of an appropriate authorisation”.

The firm has cloned the details of company with the same name which is regulated by the Central Bank.

In a statement, the bank warned people to be wary of cold calls or emails purporting to be from the company.

It said the correspondence will quote a registration or authorisation number which belongs to the legitimate firm.

The statement notes: “Consumers who have been cold called/emailed and offered financial services should make additional checks to ensure that the firm they are dealing with is the legitimately authorised firm.

Consumers should contact the regulatory authority that the firm has advised it is authorised by and check that the contact details for the firm, that are held by the regulatory authority, match those provided by the firm who has cold called/emailed them.

The Central Bank said there is “no connection whatsoever” between the real firm and the one that has cloned its details.

The statement added: “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.”

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Órla Ryan

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