The Irish Brokers Association has suspended Mr Andrew Casey, a Cork-based broker, after he failed to attend a disciplinary hearing to consider allegations that funds placed with him by investors are missing.

The IBA council resolved to suspend Mr Casey's membership after he failed to show up for the hearing in Dublin yesterday. He has been asked to respond to the accusations against him before the council's next disciplinary hearing, scheduled for August 19th.

Mr Casey could not be reached for comment last night. An answering machine at his Patrick Street premises in Cork - where he trades as Andrew Casey Life & Pensions - asked callers to leave a detailed message and provided a mobile phone number for the broker, but this too was switched to the answering service.

The allegations against him came to light after a couple became concerned about a £28,500 sum they believed they had invested in Irish Life through Mr Casey. They secured an injunction against the broker in Cork Circuit Court after Irish Life confirmed it had no record of the funds.

A second allegation has been made by a man who lodged about £30,000 with the broker to be invested in Irish Permanent.

The funds are understood not to have reached the company.

It is understood there have been some half-dozen complaints about funds, dating back to the earlier part of this decade. Anyone who is concerned about their funds has been asked to contact the Irish Compensation Company Limited. The ICCL was established under the 1998 Investment Compensation Act to compensate eligible investors where funds are misappropriated. Under the provisions of the act, victims are entitled to €20,000 (£15,500) or 90 per cent of the losses, whichever is the lesser.

It covers all investment firms, stockbrokers, credit unions and investment or insurance intermediaries. It has begun to assemble a list of the broker's clients and will write to them to apprise them of the facts and to address any concerns.