The Central Bank yesterday published a warning notice naming two firms that are operating as unauthorised business firms in Ireland.

Medical Research Associates Venture Capital Fund (USA) and Cranley & Associates (Spain) have been offering investment advice and/or investment business services to members of the Irish public.

It is a criminal offence for an investment firm to operate in Ireland unless it has an authorisation from the Central Bank and clients of unauthorised firms are not eligible for compensation under the Investor Compensation scheme.