The Central Bank of Ireland has warned against a unauthorised investment firm operating in Ireland under the name of Lehman Reilly.

The bank said the firm was "not authorised" to operate as an investment firm in Ireland.

"Lehman Reilly (Ireland) is claiming to be or holding themselves out to be an investment firm in the State and has been offering investment services to members of the Irish public," the Central Bank said in a statement, adding the firm "is not authorised as an investment firm in Ireland".

Meanwhile, the Central Bank is set to begin consultations today on new proposals to regulate hedge and private equity funds.

The bank is planning to implement the EU's alternative investment fund managers' directive, which aims to centralise non-retail investment vehicles such as private equity and hedge funds.

A list of unauthorised firms published to date is available on the Central Bank website.