Regulatory News

Warning on Unauthorised Firm – Fast Loans Ireland

16 April 2019 Press Release

Warning

The Central Bank of Ireland (‘Central Bank’) today 16 April 2019 published the name of an unauthorised firm, Fast Loans Ireland (Ireland) – www.fastloans.ie in order to warn the public that it is not authorised by the Central Bank to provide financial services.

Fast Loans Ireland is advertising the availability of loans on its website and is claiming to be regulated by the Central Bank but it holds no authorisation from the Central Bank as a retail credit firm. This unauthorised firm has also cloned the Irish Company Registration Office (‘CRO’) number of a Central Bank authorised firm. It should be noted that there is no connection whatsoever between the unauthorised Fast Loans Ireland and the company whose CRO number it has cloned.

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 check the Central Bank registers online to find out if a firm/person they are dealing with is authorised. Consumers should be wary of advertisements offering loans from unauthorised firms or persons.

There are some general steps that individuals should take before dealing with firms/persons which purport to offer financial services:

  • If you wish to obtain a financial product such as a loan, insurance, investment or pension, or if you wish to obtain a financial service such as investment advice, you should only deal with a Central Bank authorised firm/person – check our Register to see if the firm/person is authorised. Always access the Register from our website, rather than through links in emails or on a firm’s /person’s website.
  • Always double-check the URL and contact details of a firm/person in case it is a ‘clone firm/person’ pretending to be an authorised firm/person, such as your bank or a genuine investment firm.
  • Check the list of unauthorised firms. If the firm/person is not on our list, do not assume it is legitimate – it may not have been reported to the Central Bank yet.

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 340 unauthorised firms have been published by the Central Bank.

Notes

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



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