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Financial Regulator Issues Warning on Investment Firms
The Financial Regulator today (Thursday, 17 September 2009) published a warning notice on three firms: MJM Investments (Belgium), Montgomery Blake & Associates (China and Singapore) and The Morgan Stern Group (Ireland). MJM Investments and Montgomery Blake & Associates are not authorised as investment firms in Ireland and have been offering investment services and/or investment advice to members of the Irish public. The Morgan Stern Group is not authorised as an investment firm in Ireland and may be claiming or holding itself out to be an investment firm based here. The notice is published today in Irish daily newspapers under the Markets in Financial Instruments Regulations 2007.
It is a criminal offence for an investment firm to operate in Ireland uess it has an authorisation from the Financial Regulator. Clients of unauthorised firms are not eligible for compensation from the Investor Compensation Scheme.
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, 78 warnings naming 147 firms have been issued. A list of all warning notices issued to date is available on the website www.financialregulator.ie
The Financial Regulator's personal finance website, itsyourmoney.ie has information, in plain English, on frauds and scams and tips on how to protect yourself. It also has a section on savings and investments, which details the issues you should consider before you start saving and investing and gives information on the most common types of savings and investment products.
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