Central Bank issues warning on cloning

An unauthorised firm calling itself GVQ Investment Funds (Dublin), but unconnected with an authorised investment firm of the same name, has been operating in the State, the Central Bank said on Wednesday.

The unauthorised firm has cloned the details of the authorised and regulated firm, it warned, but there is no connection between the two.

It is a criminal offence for an unauthorised firm to provide financial services in Ireland and the Central Bank has reminded consumers that if they deal with a firm which is not authorised, they are not eligible for compensation from the Investor Compensation Scheme.

Certain unauthorised firms may “cold call” or send unsolicited emails to consumers offering financial services such as the opportunity to purchase shares in another company. The Central Bank has advised consumers to “make additional checks” on any firm they deal with, as the registration or authorisation number quoted may be fake or cloned.