Central Bank of Ireland Issues Warning on Unauthorised Firm - Aran Asset Management (CLONE)

25 May 2020 Press Release

Warning

It has come to the attention of the Central Bank of Ireland (‘Central Bank’) that Aran Asset Management– www.aran-am.com (website no longer available) has been operating as an investment firm/investment business firm in the State in the absence of appropriate authorisations. 

This unauthorised firm has cloned the name of a firm called Aran Asset Management Ltd, which was a previously authorised firm by the Central Bank and which was permitted to operate in Ireland until it voluntarily revoked its authorisation status in April 2018.

It should be noted that there is no connection whatsoever between the Central Bank previously authorised firm Aran Asset Management ltd and the unauthorised entity that has cloned its details.

A list of unauthorised firms published to date is available on the Central Bank website.

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

Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 4000. This line is also available to the public to check if a firm is authorised. Since obtaining the necessary legal powers in August 1998, the names of 416 unauthorised firms have been published by the Central Bank.

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