Central Bank of Ireland issues warnings on three unauthorised firms

Today (21 May 2020) the Central Bank of Ireland published warning notices against three unauthorised firms (two Unauthorised Investment Firm/Investment Business Firm and one Retail Credit Firm) that hold no authorisation from the Central Bank. 

Please see names of unauthorised firms below and press releases attached:

  • LEGIT LOAN COMPANY – https://www.legit-loan-company.com
  • TNT FX (Ireland) – https://instagram.com/tnt_fx_ and https://www.facebook.com/TNTForex/
  • Alexander Kingsley Private Equity Inc (USA) – www. alexanderkingsleype.com

Fraudsters are finding increasingly sophisticated ways to target consumers. As can be seen from these Warning Notices, they are using social media, fake websites, copying legitimate websites to trick consumers into parting with their money.

Consumers should take the SAFE test before making any financial decisions or providing any personal information:

  • S – Stop: Stop, think and ask yourself – What? Who? Why? Do I feel  rushed to act?
  • A – Assess: Make sure the firm is legitimate.
  • F – Factcheck: seek advice to ensure service or product is genuine.
  • E – Expose and report: any concerns, contact the Central Bank.

A list of unauthorised firms published to date is available on the Central Bank website.

It is a criminal offence for an unauthorised firm/person to provide financial services in Ireland that would require an authorisation under the relevant legislation which the Central Bank is the responsible body for enforcing. Consumers should be aware, that if they deal with a firm/person who 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/persons may telephone (01) 224 4000. This line is also available to the public to check if a firm is authorised. Since obtaining the necessary legal powers in August 1998, the names of 413 unauthorised firms have been published by the Central Bank.