Central Bank of Ireland Issues Warning on Unauthorised Investment Firm

It has recently come to the Central Bank of Ireland’s (‘Central Bank’) attention that a firm, calling itself Trinity Wealth Management Ltd (United Kingdom and Luxembourg) (www.trinitywealthmanagment.eu) has been operating as an investment firm in the State in the absence of an appropriate authorisation.

This unauthorised firm has cloned the details of two European Economic Area (‘EEA’) authorised entities of the same name (one of which has since changed its name). The EEA authorised entities are authorised by the Financial Conduct Authority in the United Kingdom and the Commissariat Aux Assurances in Luxembourg respectively.

It should be noted that there is no connection whatsoever between the EEA authorised entities and the unauthorised entity that has cloned their details.

It is a criminal offence for an unauthorised firm to provide financial services in Ireland that would require an authorisation under the relevant legislation for which the Central Bank is the responsible body for enforcing. Consumers should be aware that, if they deal with a firm which is not authorised, they are not eligible for compensation from the Investor Compensation Scheme.

Fraudsters are increasingly using legitimate firms’ details to add an air of legitimacy to their fraud. The fraudsters will 'borrow' all of the legitimate information of an authorised/legitimate firm for the purpose of this fraud. They may quote authorisation numbers/company registration numbers and links to seemingly legitimate websites and even provide the real address of an authorised/legitimate firm. Consumers are advised to check our register to verify a firm’s details and to call the firm back directly using its advertised phone number.

For further information, please visit the Avoiding Scams and Unauthorised Activity section of the Central Bank’s website.

Notes

The name of the above firm is published under the Central Bank (Supervision and Enforcement) Act 2013.