Friday, September 06 11:49:22
The Central Bank of Ireland today published the name of an unauthorised firm, Shartz Commercial Bank.
Shartz Commercial Bank is not authorised by the Central Bank to provide any financial services.
The financial sector regulator warned that 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, it said, 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.
Since obtaining the necessary legal powers in August 1998, the names of 209 unauthorised firms have been published by the Central Bank.