The Central Bank today issued a warning about an unauthorised investment firm, Telemar Data Management (Brazil).

The company has been offering investment services to members of the Irish public and is not authorised as an investment firm in Ireland.

It is a criminal offence for an investment firm to operate in Ireland unless it has an authorisation from the Central Bank of Ireland. The bank is warning consumers that they should 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.

Any person wishing to contact the Central Bank of Ireland with information regarding such firms may telephone (01) 224 4000. 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, the names of 216 unauthorised firms have been published by the Central Bank. These can be found here.