Warning over firm purporting to be US investment company

Friday 24 January 2014 11.39
The Central Bank warned customers to be wary of cold-callers or emails
The Central Bank warned customers to be wary of cold-callers or emails

The Central Bank has issued a warning in relation to a company that is falsely using the name of US investment company BNY Mellon.

The authority said that a firm calling itself BNY Mellon Wealth Management, which claims to be based in the US, has been operating as an investment firm here without authorisation.

It said that this firm has no connection to the real BNY Mellon Wealth Management business, or any other part of the US company's operations.

The Central Bank said it is a criminal offence for an unauthorised firm to provide financial services in the country and warned customers that they would not be eligible for compensation if they deal with such firms.

It said that unauthorised companies often cold-call or email customers and quote the authorisation number held by another firm in order to appear legitimate.

It advised customers to cross-check any details given by a company with the financial regulator to ensure they are trustworthy.