A warning notice has been issued by the Irish Financial Services Regulatory Authority (IFSRA) in relation to two unauthorised investment companies.The latest warning relates to Global Investment Group, based in the US, and Jefferson Management, based in Luxembourg and Hong Kong.
The two firms have been offering investment advice and/or investment business services to members of the public without having the necessary authorisation.
It is a criminal offence for an investment firm to operate in the Republic unless it has authorisation to do so from the financial services regulator.
Clients who lose their investments are not eligible for compensation under the terms of the Investor Compensation Scheme if the firm they made their investment with or through is not an authorised one.
Since obtaining the necessary legal powers to do so in August 1998, there have been 56 warning notices issued by the Irish financial services authority in relation to 113 firms operating in the Republic without the required authorisation.
Notices containing the latest warning are being published today in a number of newspapers.
The IFSRA has asked people who may have information or queries concerning unauthorised firms operating in the Republic to contact its office on 1890-200-469.
The same number can be used to check whether a particular firm offering financial advice or financial service has authorisation to operate here.
The public is advised to check with the authority if they have any doubts regarding who they intend doing business with.
