Central bank issues warning on unauthorised investment firm

The Central Bank has issued a warning that a firm, calling itself Objective Returns, has been operating as an investment firm in Ireland without the appropriate authorisation.

The unauthorised firm has cloned the details (name and Irish registered address) of a Central Bank authorised UCITS investment company, Objective Returns plc.

The Central Bank said there is no connection whatsoever between the authorised Objective Returns plc, or its promoter, directors, investment manager, service providers or advisors, and the unauthorised entity that has cloned its details.

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 the responsible body for enforcing. Consumers who with a firm that is not authorised are not eligible for compensation from the Investor Compensation Scheme.

Certain unauthorised firms that“cold call” or email consumers and offer financial services often clone the details of a legitimately authorised firm and quote a “registration/authorisation” number, which is in fact, the registration/authorisation number of a legitimately authorised entity, the Central Bank said.

“Consumers who have been cold called/emailed and offered financial services should make additional checks to ensure that the firm they are dealing with is the legitimately authorised firm.”

They should contact the regulatory authority that the firm has advised it is authorised by and check that the contact details for the firm, that are held by the regulatory authority, match those provided by the firm who has cold called or emailed them, the bank said.