The island’s Financial Services Authority (FSA) is working with local professional bodies to help consumers find the answers they need to become a smart investor.

World Investor Week (WIW) is a global campaign running from next Monday (October 1)

Its aim is to raise consumer awareness about the importance of investor education and protection.

IOSCO, the International Organisation of Securities Commissions is behind WIW and the FSA, as a member of IOSCO, is taking the initiative forward in the island.

There will be a family finance day at Ballakermeen School sixth form centre on Saturday.

Karen Badgerow, chief executive of the Isle of Man Financial Services Authority told Business News: ‘World Investor Week gives the Authority an important opportunity to focus attention on consumers’ investment needs and knowledge.

‘This follows on from the valuable work that we undertook last year on Pension Matters and school outreach.

‘By working with IOSCO and professional bodies we aim to provide an insightful programme which gives the Manx public information they need to understand how to invest safely, supporting sound investment decisions.’

Key messages of World

Investor Week

A smart Investor:

Checks that an investment adviser is qualified and works for a regulated firm

Conducts research on a product before investing

Assesses the impact of fees when choosing an investment

Understands that risk exists in all investments

Avoids ‘get rich quick’ and ‘can’t lose’ schemes

Recognises the power of compound interest

Recognises the importance of diversification

Plans for and invests according to his/her future needs and goals

Recognises the benefit of long-term, regular and diversified investment.

Additionally a smart investor investing in initial coin offerings, digital assets and other online investments:

Understands the risks that are associated with initial coin offerings and crypto-assets in general and is careful in deciding whether to invest in these products

Does not forget about the importance of due diligence when considering investments in online and digital environments

Recognises the red flag warning signs of online investment fraud

Never invests based solely on a celebrity endorsement

Knows that most legitimate firms do not allow their customers to use credit cards to make investments.

ISLE OF MAN EVENTS ACROSS WORLD INVESTOR WEEK

To get the WIW message out to consumers the FSA has prepared new consumer information and worked with professional bodies to prepare the WIW Events.

The launch event has been developed in conjunction with the Personal Finance Society.

Family Finance Day

Isle of Man World Investor Week is being launched at Ballakermeen High School Sixth Form Centre, St Catherine’s Drive, Douglas on Saturday (September 29).

Doors open at 9.15am and the event is scheduled to finish at 1pm.