Central Bank warns on unauthorised financial firm

Friday 01 February 2013 13.31
Pendulum Capital Markets Inc (USA)  is not authorised as an investment firm here
Pendulum Capital Markets Inc (USA) is not authorised as an investment firm here

The Central Bank has today issued a warning on an investment firm operating in Ireland.

The bank said that Pendulum Capital Markets Inc (USA) has been offering investment services to members of the 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.

The Central Bank warned consumers 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 with information regarding such firms may telephone (01) 2244000. This line can also be used to check if an investment firm is authorised.

Since obtaining the necessary legal powers in 1998, the names of 201 unauthorised firms have been published by the Central Bank.