Financial literacy is an essential skill which can make or break one’s financial success. The global financial crisis in 2008, where a lot of investors lost money through being exposed to risks that they were not aware of, is testament to this.
One of the roles of the Malta Financial Services Authority is to protect and educate the consumer when it comes to financial services. Consumer protection is ensured in two ways. The MFSA supervises entities to ensure fair outcomes for consumers, whilst, through educational campaigns, it supports consumers to enable them to make informed decisions.
Last month, as part of its remit to protect consumers of financial services, the Malta Financial Services Authority launched an investor education and awareness campaign. This campaign coincided with World Investor Week (‘WIW’), a global public awareness and education initiative aimed at promoting investor education and protection. The main focus of the campaign was to explain the different types of markets – regulated or unregulated, to small and retail investors. This campaign aimed to overcome inadequate information about financial instruments and trading venues which can result in consumers investing in an unsuitable product.
The campaign engaged with the audience through various channels. MFSA representatives participated in numerous TV and radio programmes whilst newspaper articles were published in both the Maltese and English language newspapers. The MFSA is also distributing collateral to a number of local councils as well as to other organisations.
This campaign follows a number of consumer educational campaigns organised by the MFSA, recently including a campaign about home insurance and one about the Basic Payment Account.
Find out more about this campaign by visiting the website here.