AMF launches new consumer awareness campaign Five Key Questions to Help Avoid Financial Ruin
Friday, March 02, 2012
Montréal – On Sunday, March 4, the Autorité des marchés financiers (AMF) will launch its new consumer awareness campaign focusing on five key questions to help avoid financial ruin. Many Quebeckers look after their health and safety, but when it comes to their savings, they hand them over, no questions asked.
Messages on English-language radio, French-language television and on the Web will encourage consumers to develop sound investment habits by asking themselves five key questions before investing their savings. For example: Is the person listed in the AMF register? A web landing page (5bonnesquestions.ca) and an educational video are also part of this campaign.
Consumers who deal with financial advisors who are not registered with the AMF are taking a risk: The adviser is acting illegally and, in the event of a problem, the consumer will not be able to file a claim with the financial services compensation fund.
Each year, the AMF deals with a high number of cases of illegal practice affecting investors who have lost all or part of their savings. The AMF hopes that this campaign will prompt even more Quebeckers to adopt the right reflexes to protect themselves against fraud.
There is still room for improvement. A survey conducted in 2011 revealed that, whereas 78% of Quebeckers feel that they are safe from fraud, less than half would be leery of an investment paying a 2% monthly return, or over 26% on an annual basis.
This campaign is part of Fraud Prevention Month.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial industry.
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