The Garda has not yet opened an investigation into the affairs of the missing broker Mr Brian Kilbane of Dublin-based BKR Financial Services.

Although several complaints have been received about Mr Kilbane, who has not been seen in several weeks, the Garda Bureau of Fraud Investigation has yet to receive a written statement of complaint which would allow it to begin a formal inquiry. Nor is it clear how much money is outstanding or the volume of clients who entrusted Mr Kilbane with their funds.

It is alleged that Mr Kilbane took substantial sums of money from investors and, in some instances, undertook to invest it overseas. In some cases, it is alleged he personally distributed interest payments on a regular basis.

The Director of Consumer Affairs, Ms Carmel Foley, said last night that the case underlined the need for vigilance on the part of the public when dealing with brokers.

She advised people to be very careful to deal only with legitimate advisers and, at the least, to make sure any cheque was made out to the institution.

The case underlines the problem of who regulates the brokers and will underscore the need for the new financial services authority to take on the regulatory role from the whole mish-mash of organisations now involved.

Both the Insurance Brokers' Association, which regulates its own insurance brokers, and the Insurance Intermediary Compliance Bureau, which is run by Irish Insurance Federation, have confirmed that Mr Kilbane was not registered with them. Responsibility for regulating investment brokers lies with the Central Bank. A Central Bank spokesman said last night that Mr Kilbane was not registered with it and, accordingly, was in breach of the Investment Intermediaries Act. He added that all investors should check with the Bank if they were going to become involved with a broker.