Fagan seeks access to James Bowen papers

The Director of Consumer Affairs, Mr William Fagan, is to seek access to the court papers concerning James Bowen and Associates Ltd, which was the subject of a High Court order on Tuesday.

The company is authorised by Mr Fagan's office to act as a mortgage intermediary and the office is to seek the court papers as part of its ongoing regulation of the mortgage intermediaries sector.

On Tuesday the High Court ruled that James Bowen and Associates Ltd and another company, James Bowen Investment Consultants Ltd, should not hold themselves out as financial investment firms.

Authorisation for James Bowen Investment Consultants Ltd to act as an investment intermediary was revoked in January. James Bowen and Associates Ltd has not at any stage been an authorised investment consultancy company.

Mr David Barniville, counsel for the Central Bank, which is the supervisory authority for investment intermediaries, told Tuesday's hearing that authorisation for James Bowen Investment Consultants Ltd had been revoked for a number of reasons, including failure to have a bond in place and for the furnishing of misleading information to the Bank.

The Central Bank appointed authorised officers to both companies in June and they obtained evidence which appeared to indicate that unauthorised investment activities were being carried on by one or both companies.

The bank now has control over the financial affairs of James Bowen Investment Consultants Ltd. The company has been ordered by the court to make all payments to the company into a specific account and to seek approval for all payments out of the account above a set minimum. Newspaper advertisements outlining the court orders which have been made in relation to the two companies, are likely to be published at the end of this week.

Mr Bowen was not available for comment yesterday. He is understood to be on holidays in the US.