Warning on Unauthorised Firm

05 March 2019 Press Release

Warning

It has recently come to the Central Bank of Ireland’s (‘Central Bank’) attention that a firm calling itself Golden Arches Insurance and Underwriting LTD (Ireland) – www.goldenarchieinsurance.com has been operating as an “insurance intermediary” in the State in the absence of registration and/or as an “insurance/reinsurance undertaking” in the State in the absence of an appropriate authorisation.  This unauthorised firm has cloned the details (name and Irish registered address) of a Central Bank authorised firm called Golden Arches Insurance DAC. This unauthorised firm has also cloned the Irish Company Registration Office (‘CRO’) number of another Central Bank authorised firm.

It should be noted that there is no connection whatsoever between the Golden Arches Insurance DAC that is authorised by the Central Bank and the unauthorised entity, Golden Arches Insurance and Underwriting LTD, that has cloned its details.  It should also be noted that there is no connection whatsoever between the company whose CRO number the unauthorised entity, Golden Arches Insurance and Underwriting Limited, has cloned. 

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 any statutory compensation schemes. 

Fraudsters are increasingly using legitimate firms’ details to add an air of legitimacy to their fraud. The fraudsters will 'borrow' some or all of the legitimate information of an authorised / legitimate firm for the purpose of this fraud. They may quote authorisation numbers / CRO 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.