Friday, August 30 12:21:51
The Central Bank of Ireland today published the name of an unauthorised firm, Allied Irish Group (Ireland).
Allied Irish Group is not authorised by the Central Bank to provide any financial services, the watchdog said.
It stressed that Allied Irish Group has no connection whatsoever to Allied Irish Banks p.l.c., which is, of course, a licensed credit institution in the State.
The financial sector regulator said 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 that is not authorised, they are not eligible for compensation from the Investor Compensation Scheme.
Since obtaining the necessary legal powers in August 1998, the names of 218 unauthorised firms have been published by the Central Bank.