Dáil Éireann Debate, Tuesday - 15 April 2014
205. Deputy Michael McGrath asked the Minister for Finance with regard to the law governing so-called pyramid investment schemes; his views on whether the law provides adequate protection for consumers; and if he will make a statement on the matter. [17957/14]
View answerThe Markets in Financial Instruments Directive regime provides common consumer protection in relation to investment services and financial markets throughout the European Union. The nature of individual investment products is often complicated and it is prudent for non expert investors to take professional advice.
In advance of investing in investment products consumers should ensure that the person or firm is authorised by the Central Bank of Ireland. Details are available on the Central Bank's website as follows: http://registers.centralbank.ie/. If consumers deal with a person or firm that is not authorised, they are not eligible for compensation from the Investor Compensation Scheme. If the Deputy is aware of fraudulent activity, he should bring it to the attention of An Garda Síochána.
