Central Bank issues warning on unauthorised investment company

The Central Bank said consumers dealing with the firm are not eligible for compensation from the Investor Compenstation Scheme.

THE CENTRAL BANK of Ireland has today issued a warning about an unauthorised investment company that has been offering services to members of the Irish public.

The Central Bank said Pendulum Capital Markets Inc., a US firm, does not have authorisation from the bank and therefore it is a criminal offence for it to operate in Ireland.

“Consumers should be aware that, if they deal with an investment firm which is not authorised, they are not eligible for compensation from the Investor Compensation Scheme,” it said.

Since obtaining the necessary legal powers in August 1998, the names of 201 unauthorised companies have been published by the Central Bank and a full is available on the website.

Any person wishing to contact the Central Bank with information regarding such companies can call (01) 224 4000. This line is also available to the public to check if an investment firm is authorised.

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