Central Bank issues warning on investment firms

Two investment firms have been offering services in Ireland – despite not being authorised to do so.

By Christine Bohan Wednesday 14 Mar 2012, 7:00 AM

Mar 14th 2012, 7:00 AM 2,380 Views 7 Comments

http://jrnl.ie/383257

The Central Bank on Dame Street in Dublin

Image: Sasko Lazarov/Photocall Ireland

The Central Bank on Dame Street in Dublin

Image: Sasko Lazarov/Photocall Ireland

THE CENTRAL BANK has issued a warning about two investment firms and said that they are not authorised to offer services in Ireland.

Global World Mergers & Acquisitions (registered in Hong Kong) and Monarch Wealth Consultants (registered in Japan) have been offering investment services in the State – despite being not authorised to do so.

It is a criminal offence for an investment firm to operate in Ireland unless it has authorisation from the Central Bank. Clients of firms acting without authorisation are not eligible for compensation under the Investor Compensation Scheme.

Anyone with information on unauthorised firms has been asked to contact the Central Bank.

The Central Bank has issued a total of 92 warning notices naming 170 firms since obtaining the necessary legal powers in August 1998.

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Central Bank issues warning on investment firms