Financial Regulator Issues Warning on Investment Firm

The Financial Regulator today (Friday, 12 May) publishes a warning notice on Godfrey Brooks Investment Advisory (Switzerland). The firm is not authorised as an investment business firm in Ireland and has been offering investment advice and/or investment business services to members of the Irish public. The notice is published today in Irish daily newspapers under the Investment Intermediaries Act, 1995.

It is a criminal offence for an investment firm to operate in Ireland unless it has an authorisation from the Financial Regulator. Clients of unauthorised firms are not eligible for compensation from the Investor Compensation Scheme.

Consumer Director, Mary O’Dea said “ If you receive an approach from a firm check with us to ensure they are authorised to sell investment services in Ireland. Never give your bank account number and personal finance details over the phone.”

Any person wishing to contact the Financial Regulator with information regarding such firms may telephone 1890-200-469. This line is also available to the public to check if an investment firm is authorised. Since obtaining the necessary legal powers in August 1998, 63 warnings naming 121 firms have been issued. A list of all warning notices issued to date is available on the website www.financialregulator.ie

The Financial Regulator has published an Independent Guide to Savings and Investments which provides information in plain English about savings and investments products. A fact sheet on Boiler-Room operations also details the steps to take if you receive an approach from an unauthorised firm. Both publications are available from lo-call 1890 77 77 77, or www.itsyourmoney.ie . Copies are also available from the Financial Regulator’s Information Centre which is located at 6-8 College Green, Dublin 2.
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Further information: Jill Forde, Press Office (01) 4104096 (086) 2393313

Note for Editors:
The Financial Regulator was established on 1 May 2003. It is the single regulator for most financial services in Ireland. Its overall mandate is to:

Help consumers make informed decisions on their financial affairs in a safe and fair market; and
Foster sound, growing and solvent financial institutions which give consumers confidence that their deposits and investments are secure.
The Financial Regulator’s consumer Information Centre is located on 6-8 College Green, Dublin 2. All publications available in the Information Centre can be downloaded from the Regulator’s website at www.itsyourmoney.ie / www.financialregulator.ie or requested from the consumer help-line on lo-call 1890 77 77 77.

Oprettet d. 23.07.2003 og sidst redigeret d. 16.05.2007

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