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Central Bank warns over investment firm that has cloned details of another firm

The warning says that there is no connection between the Central Bank-authorised firm PGMS (Ireland) Ltd and the unauthorised entity.

Image: Shutterstock/Stokkete

THE CENTRAL BANK is warning that an unauthorised investment firm has cloned the details of another firm of the same name.

In a statement today, the Central Bank said it has recently come to its attention that a firm calling itself Privè Global Management Services/PGMS (Ireland) Ltd (www.pgms.co) has been operating as an investment firm/investment business firm in the State in the absence of appropriate authorisation.

It said that this unauthorised firm has cloned the details – the name, registered address and Financial Conduct Authority registration number – of a Central Bank authorised and regulated firm of the same name.

There is no connection whatsoever between the Central Bank authorised firm PGMS (Ireland) Ltd and the unauthorised entity that has cloned its details.

The Central Bank said that it is a criminal offence for an unauthorised firm to provide financial services in and from Ireland that would require an authorisation under the relevant legislation for which the Central Bank is the responsible body for enforcing.

It has asked consumers to be aware that if they deal with a firm which is not authorised they are not eligible for compensation from statutory compensation schemes.

How does it work?

The Central Bank said that certain unauthorised firms cold call or email consumers and offer them financial services. These might include the opportunity to purchase shares in another company or offer saving deposit plans.

These firms will often have cloned the details of a legitimately authorised firm and will quote a “registration/authorisation” number, which is in fact the registration/authorisation number of a legitimately authorised entity.

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

The Central Bank said that consumers should contact the regulatory authority that the firm has advised it is authorised by, and check that the contact details for the firm which are held by the regulatory authority match those provided by the firm who has contacted them.

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