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Central Bank warns of unauthorised financial firm

The bank said it is a criminal offence for companies such as this to provide financial services that require authorisation from the bank.

Image: William Murphy via Flickr

THE CENTRAL BANK of Ireland has issued a warning on a company which it said today is not authorised to provide any financial services here.

The firm in question is CMBS Portfolio, LLC and the Central Bank stressed today that it is a criminal offence for an unauthorised firm to provide financial services in Ireland that would require authorisation under the legislation the bank enforces.

“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,” the bank said in a statement.

A full list of unauthorised companies is published on the Central Bank Website and anyone wishing to report such firms can call 01 224 4000. This line is also available to check if a firm is authorised.

Details of some 210 of these companies have been published by the bank since it obtained the legal powers in 1998.

Related: Central Bank warns of unauthorised firm using ‘cloned’ registration details>

Read: Central Bank to apply to have PTSB take over Newbridge Credit Union – reports>

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