The role played by some financial advisers in this State needs to be investigated immediately. The issue of financial advisers taking people's money for investments and the client getting no return for that same investment is both a local and national one. The issue has been aired on RTÉ on more than one occasion, most recently in March on RTÉ's "The Complaints Bureau", which reported on how loan notes were given to clients by financial advisers in return for their money. These loan notes then appeared to be worthless even though they are covered by the Central Bank. Constituents in my constituency, the Taoiseach's constituency and throughout the country have lost millions of euro due to these financial advisers. I will give one example from the dozens I am aware of. Over 13 years ago, a constituent of mine who sought financial advice on clearing their mortgage was advised by a financial adviser to invest their money with the same adviser, who guaranteed returns to pay back the mortgage and also to make money.

This constituent made €40,000 on an initial investment of €50,000. They subsequently reinvested €45,000 plus another €105,000 over a period of time, bringing their total investment up to €200,000. Other family members were encouraged by the financial adviser to invest their money, which they did. This brought the total family investment to €360,000. The financial adviser promised to invest the money in trusted companies. This is where the scam starts. For this person, and so many more, the company went into liquidation, leaving my constituent and many like them in financial ruin. These same financial advisers then go and set up another company and continue to take investments from other innocent honest people without paying back what they took off previous people. To date, 11 companies have been set up by this financial adviser.

I will give examples of the sums of money people have lost. People have lost €10,000, €150,000, €350,000, €450,000, €700,000 and many similar amounts. My constituent has been looking for their money back since 2021. There have been 3,800 emails back and forth between the financial adviser and the constituent but no money has been paid. Frequently, the financial adviser promises to pay back the money but the scam goes on while these advisers drive around in the same neighbourhood with top-of-the-range Range Rovers, living lavish lifestyles.

Having been given reassurances by the financial adviser that they would get their money back, my constituent went to buy a house only to be subsequently advised the money was gone. This had a devastating effect on the constituent, who started to conduct their own investigation. They discovered there are hundreds, if not thousands, of people in a similar position. Many feel isolated, ashamed and lost as to where to turn. My constituent made a complaint to the ombudsman in June 2024 and is still awaiting an outcome. The Garda fraud squad has been notified. Loan notes and companies are regulated by the Central Bank. This raises the question as to whether the Central Bank is conducting checks on companies and their indemnity. Is the Central Bank conducting checks on the people who set up these companies? Should the Central Bank now be responsible for these people's losses?

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.

This scheme by the financial adviser seems similar to the Dolphin Trust, now known as German Property Group, which promised high interest payments on original investors' capital before collapsing, owing £1 billion and catching 1,800 Irish investors for €100 million. I raised this issue briefly last week in the Dáil and received an email last night from another investor who has now realised he has lost €500,000 of money he honestly invested. All of this has been going on, and for years the Central Bank seems to have been lying idly by while these advisers drive around the likes of Kinsale and set up business in Carrigaline. They are getting off scot-free and laughing at the great scams they have pulled off on these innocent people. I ask the Taoiseach to engage with the powers that be in the Central Bank and ask them to meet with a number of these innocent investors to see how these scam operators can be weeded out and these investors can have their moneys returned to them.

I will indeed. I might discuss it with the Deputy if he has case studies that he can bring to our attention. I will also talk to the Minister for Finance, who I think will be happy to engage, because it is awful for this to happen to anybody. There is the old adage that if it is too good to be true, then it is too good to be true, in terms of potential returns from investments. That said, the Central Bank publishes warning notices about unauthorised firms as well as a list of them. People should only engage with registered brokers. I do not know whether this person was a registered broker. There may be an issue about who does the inspections and so on. The Deputy has raised the prospect of an inspectorial regime, but fundamentally An Garda has to pursue this.