The Central Bank of Ireland had issued warning notices addressing the public about unauthorised firms which offer loans to the people. These firms offer loans to the people with no support or authorisation from the Central Bank.
The firms which work without authorisation of the Govt. are
- The Loans Tree
- Vera Loans
- Leading Lends
- Direct Lends
These firms work with the names and authorisation of other legally supported firms under Financial Conduct Authority.
The Loan Tree which has no permission to operate according to the rules, use the details of firms based at UK and authorised by the Financial Conduct Authority. Leading Lends and Direct Lends also work in the same pattern. They convince people by publishing their ads on their website.
The Central Bank of Ireland has already said that the unauthorised firms has no connection with the FCA authorised firms and any firms who work with cloned details will be caught and punished as it comes under criminal offense.
Customers who are affected financially from these fraudsters will not be compensated or they will be marked illegible for the Investor Compensation Scheme.