Consumers have been warned by the Central Bank to be on their guard after it listed eight firms that are operating here without authorisation.
t is a criminal offence for a firm or person to provide financial services in Ireland that would require an authorisation by the Central Bank.
Consumers that deal with a firm or person that is not authorised are not eligible for compensation from the Investor Compensation Scheme.
The firms warned about are Mutual Lending Mate; Friends & Pro Limited (trading as Friends Loans); Easy Money for Cash; Panther Loans (Clone); Cash2All (Clone); Davlog Group Private Lender/Davlog Group; Smart Loans (Clone); and Nat International Funds PLC (Clone).
It is unusual for regulators to warn about so many firms at once.
The Central Bank said in a statement: “If you are buying a financial product such as a loan, insurance, investment or pension, or engaging a financial service such as investment advice, only deal with a Central Bank authorised firm or person.”
Anyone who wants to contact the Central Bank with information on unauthorised firms or persons can telephone (01) 224 4000. This line is also available to the public to check if a firm is authorised.