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Warning of unauthorised investment firm

Tuesday, July 22 11:14:23

The Central Bank of Ireland today published the name of an unauthorised investment firm, Thungen Financial (Luxembourg).

The financial sector watchdog warned that this firm is not authorised as an investment firm and should not be trading here.

It cautioned that it is a criminal offence for an unauthorised person or 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 person or firm which is not authorised, they are not eligible for compensation from the Investor Compensation Scheme, it warned.

Since obtaining the necessary legal powers in August 1998, the names of 241 unauthorised persons or firms have been published by the Central Bank.

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