The Irish Association of Investment Managers has written to Justice Minister Michael McDowell expressing concern about lack of regulation covering the sale of overseas property.
The association said advertising of 'exorbitant rates of return without qualification or disclosure' were becoming a regular feature of overseas property advertisements.
Gary Connolly, chairman of the IAIM, said there was a lot of irresponsible advertising in the area. He added that strict advertising standards applied to the pensions industry and similar codes should apply to the sales of overseas property.
He was speaking as the IAIM published figures showing that net cash flows into retail investment products jumped by 51% last year to €2.8 billion. SSIAs accounted for 22% of this.
The value of unit-linked investment rose by 30%, while money flowing into PRSA pension products doubled, but from a low base.
