Micheál Martin (Cork South-Central, Fianna Fail) | Oireachtas source

I thank Deputy Collins very much for raising the issue, which is of grave concern to those who have been depleted of their resources. Towards the end of his contribution Deputy Collins, in some respect, provided the answer. The Central Bank is responsible for the regulation of financial advisers. I do not know whether this person was registered with the Central Bank in the first instance. Perhaps Deputy Collins might confirm this in his supplementary question. Any individual can search the Central Bank register to get a list of providers who operate in Ireland and are authorised by the Central Bank. Before anyone makes an investment they should first check the Central Bank register.

The other key protection is the consumer protection code. The Central Bank has just finalised a review of consumer protection in Ireland and the code itself. The review will come into effect in 12 months' time. It is about consumer interests, consumer rights and consumer protection. The Central Bank does issue warning notices on firms that are not authorised to provide such services and more up-to-date information on scams. We also have the Competition and Consumer Protection Commission, which publishes information on how to choose an adviser and the types of services and investments they can provide.

There is a broader issue of financial literacy. It has amazed me at times how people trust their money to people who do not necessarily have a track record, and they never get their money back. How people unfortunately get conned by people of this kind has always been something that amazes me, to be frank. I am not clear where the financial ombudsman is in this regard. Deputy Collins said it has been referred to the ombudsman and An Garda Síochána. These investigations should happen and should take their course. That is the right thing to do.

With regard to the Central Bank, it is responsible. If complaints have been made, the Central Bank will advise people in respect of any particular rogue investor or someone who is scamming people. Above all, the Garda should investigate, and probably is investigating this case, with a view to seeking redress and perhaps dealing with the person involved.

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