THE CENTRAL BANK has warned members of the public over five investment firms operating in Ireland.
The companies, all based abroad, have been offering financial services in this country despite not being legally allowed to do so, the bank said.
None of the five companies has been officially authorised as an investment firm by the Central Bank, meaning that customers would not be eligible for compensation under the Investor Compensation Scheme if the business were to fold.
The companies are Otis KPO, LLC and the Hannover & Rothschild Consultancy, both based in the US; the Russell Merger Group based in Japan; Eldridge Financial from Switzerland; and the Pinnacle Group based in the UK and Germany.
In a statement, the Central Bank said:
It is a criminal offence for an investment firm to operate in Ireland unless it has an authorisation from the Central Bank of Ireland.
Some 94 warnings naming 179 companies have been issued by the Central Bank since 1998. Already this year more warnings have been issued than in the whole of 2011.
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