DCSIMG

Guide to avoiding financial pitfalls

John Aspden and Mike Ball

John Aspden and Mike Ball

A new guide aims to help people avoid financial pitfalls which could see them losing their hard-earned cash.

It is stressed that folk should not be afraid of asking questions and should be fully informed before committing to investing their money.

The new initiative has been launched jointly by the Financial Supervision Commission and the Office of Fair Trading and also includes an advertising campaign.

John Aspden, chief executive officer of the FSC, said the drive was aimed at putting across some ‘very basic but very important principles which we feel should apply to investing.

‘It is very clear that nowadays the public generally is being expected to save more of their money. But a lot of people understandably don’t have the necessary knowledge or expertise of how to save their money and what to do with it.

‘We feel that it is important that they should be given some general principles about investing.’

He hoped the guide would give some pointers about putting money aside for investment.

And people should not be afraid to ask questions before deciding to commit to an investment deal.

He said low interest rates were prompting people to look to other areas away from the banks in search of a higher yield. ‘The problem with that is there is no free lunch in life and therefore very often when you get that higher yield you get higher risk.’

l More on this in next week’s Examiner Business News

 

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