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THE CENTRAL BANK of Ireland has issued a warning to investors concerning investment firm Drake Merger Management – saying the company is not authorised as an investment firm in Ireland.
The regulator says it is a criminal offence to operate in Ireland without authorisation from the Central Bank.
It has advised consumers to be aware that if they deal with an investment firm which is not authorised they are not eligible for compensation from the Investor Compensation Scheme.
The Central Bank asks anyone who has information on any unauthorised firms operating in Ireland to telephone (01) 224 4000.
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The same central bank that allowed banks to do whatever they wanted for years. It will be a long time before I ever listen to their advice again. Month after month they kept going on about soft landings and what not. How many of these people were fired, because of a complete inability to do their jobs? That clown Neary walked away with a huge lump sum and big pension for life. Surely there was more than him involved though!
pot and kettle springs to mind
@Mark. According to the Central Bank, since it obtained the necessary legal powers in 1998 it has published the names of 193 unauthorised firms that are operating illegally in Ireland. I can’t comment on the individual case beyond what the CB has released, but it stands that any firm operating in Ireland is legally required to have its authorisation.
Thanks Jen.
No worries!
@Jennifer: How come we here so many of these warning now? Are these just people who started a company, or companies coming into Ireland? Are they scams?
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