265. Deputy Paul Murphy asked the Minister for Finance if his attention has been drawn to the recent collapse of an unregulated trust (details supplied); if his attention has been further drawn to the fact that brokers involved with an organisation sold investment policies in the trust to domestic savers in Ireland in September 2019, despite the BBC having reported in May 2019 that the trust was a scam and without advising those savers that the trust was unregulated; his views on whether more regulations are required in this area to prevent brokers for knowingly or negligently mis-selling in return for high commission such unregulated and high-risk investment policies in such a trust to Irish domestic savers who lost their savings when the trust collapsed; if he will introduce any necessary amendments to the relevant legislation to render any brokers who engage in activity as described as liable either on grounds of deception, negligence or failure to conduct due diligence; and if he will make a statement on the matter. [37265/21]

Summary

265. Deputy Paul Murphy asked the Minister for Finance if his attention has been drawn to the recent collapse of an unregulated trust (details supplied); if his attention has been further drawn to the fact that brokers involved with an organisation sold investment policies in the trust to domestic savers in Ireland in September 2019, despite the BBC having reported in May 2019 that the trust was a scam and without advising those savers that the trust was unregulated; his views on whether more regulations are required in this area to prevent brokers for knowingly or negligently mis-selling in return for high commission such unregulated and high-risk investment policies in such a trust to Irish domestic savers who lost their savings when the trust collapsed; if he will introduce any necessary amendments to the relevant legislation to render any brokers who engage in activity as described as liable either on grounds of deception, negligence or failure to conduct due diligence; and if he will make a statement on the matter. [37265/21]

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