Central Bank issues warning over unauthorised firm

The Central Bank of Ireland has issued a warning against a firm trading under the name Clarion Equity Management (Japan), saying it is not authorised by the Central Bank to provide financial services.

The bank 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 responsible for enforcing.

If consumers do 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 229 unauthorised firms have been published by the Central Bank.