The Financial Regulator today has issued a warning to investors about an investment firm operating in Ireland.
According to the regulator, Woods & Sheldon (USA) is not authorised as an investment business firm in this country, despite offering investment advice and investment business services to the public.
Investment firms must have authorisation from the Financial Regulator to operate in Ireland. Failure to get such an authorisation is a criminal offence, and leaves clients of the firm unable to claim compensation from the Investor Compensation Scheme should the investment firm fail.
Potential investors are being warned to check their investment firm is authorised by the regulator.
"If you receive an approach from a firm check with us to ensure they are authorised to sell investment services in Ireland," said consumer director Mary O'Dea. "Never give your bank account number and personal finance details over the phone."