PRESS RELEASE 14 March 2011
JERSEY FINANCIAL SERVICES COMMISSION LAUNCHES “PROTECT YOUR MONEY” WEBSITE
The Jersey Financial Services Commission (the “Commission”) has today launched a new Website containing information aimed at helping consumers better understand the risks and opportunities associated with various types of investments and financial products.
One of the Commission’s key aims in launching this Website is to provide unbiased educational material that will help create more knowledgeable and vigilant investors. The Commission also hopes that the Website will help the public to develop greater resistance to scams and fraudulent investment schemes, and empower consumers to take informed investment decisions and be responsible for them.
John Harris, Director General of the Commission, said:
“The global economic turmoil of the past few years and the increasing complexity of financial products has strengthened the argument for providing consumers with financial education to improve overall financial literacy.”
“Given these challenges and the fact that one of the Commission’s key purposes is reducing risk to the public of financial loss, our desire to seek to increase financial literacy levels among consumers of financial services products is greater than ever.”
The Website goes under the branding of Protect Your Money. This name was selected as the winning entry in a competition for Commission employees asking them to suggest names for an investor education initiative.
Regulatory bodies and other organisations around the world are increasingly working to help individuals improve their financial knowledge and how they manage their personal finances and plan for the future. Many of these initiatives seek to reach out to sectors of the community that are seen as most vulnerable with regard to knowledge of financial matters and scams.
In summing up the Commission’s objectives in developing and launching the new Website, Mr Harris said:
“As a regulator, a lot of our time is engaged in investigating mis-selling of financial products. With the creation of the Protect Your Money website, we are aiming to help empower consumers in the hope this will prevent what you could call mis-buying.”
“Effective investor education work allows consumers to plan more appropriately for their future and to feel more confident about investing in financial products. Increased levels of investor confidence should also benefit the firms that provide investment advice and financial products to consumers.”
“Since more knowledgeable consumers are able to make informed choices about financial products and investments, our investor education initiative should also help us achieve the critical goal of protecting investors.”
The content of the Website is focused initially on matters relating to investments, insurance and banking products, together with information designed to increase awareness concerning scams and providing consumers with tips about what to do and to look out for when seeking financial advice. The Website’s content will be developed to include material related to other aspects of finance and items such as case studies and video clips. The new Protect Your Money Website can be found at www.protectyourmoney.je
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For further information please contact: -
David Banks - Director, Securities
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822040
Fax: + 44 (0) 1534 822047
NOTES TO EDITORS
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers. The Director General is also the Registrar
Additionally, the Commission is the supervisory body for those sectors that are subject to regulatory oversight of their anti-money laundering and countering the financing of terrorism responsibilities, which includes: Accountants; Lawyers; Estate Agents;
High Value Goods Dealers; and Non-Profit Organizations.