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'Don’t Pay the Price' and loose your life savings through mis-selling. That’s the stark message of a new public awareness campaign launched in the Island today.
Jersey’s Financial Services Commission has teamed up with the Personal Finance Society to highlight what they say is the increasing number of cases involving local investors making high risk investments with disastrous results.
Some Islanders have simply been scammed, whilst others have been given bad advice – sometimes induced by the prospect of high returns, and have invested all their savings rather than spreading the risk.
The JFSC stresses that the majority of professional financial advisers in the Island give appropriate and suitable advice which can be relied upon. However the regulator is urging Islanders to be aware of the risks associated with seeking out higher returns and take responsibility for their investments.
John Harris, JFSC Director General commented: “It is impossible for us to prevent every single case of investment mis-selling that affects Islanders, but we can raise awareness about the risks and ask investors to question whether an investment recommendation is actually in their best interests. As the responsibility for individual investment decisions ultimately rests with the investor, our intention is to provide Islanders with the guidance they need to protect their money."
The Personal Finance Society (PFS), the professional body for the UK financial planning profession, is working in association with the JFSC on the campaign.
Keith Richards, Chief Executive Officer of the PFS, said: “With interest rates so low, many investors feel under pressure to make their money work harder. But seeking higher returns can often increase the risk of loss. Coupled with a dramatic rise in sophisticated investment scams, it is essential for consumers to think carefully before committing to any investment opportunity and, where possible, seek professional financial advice."
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