BUSINESS

SC to ensure better protection for investors, says chairman

30/11/2022 06:43 PM

KUALA LUMPUR, Nov 30 (Bernama) -- The Securities Commission Malaysia (SC) will be focusing on further embedding the notion of vulnerable investors into its regulatory approach and development initiatives.

Chairman Datuk Seri Dr Awang Adek Hussin said for the capital market to be more inclusive, it must ensure that all investors are served, irrespective of their circumstances.

“Market participants must uphold their responsibilities and make sure investors are protected, particularly those who may be more susceptible to exploitation, poor sales practices and misleading financial advice.

“While the SC can provide guidance on how to deal with vulnerable investors, it is ultimately your duty as financial planners to identify, assess and address the needs of investors, including the more vulnerable,” he said in his speech at the Annual Signature Financial Planning Symposium 2022 here today.

He elaborated that financial planners are front-liners in the crusade against scams, adding that the rise of scams has been a thorn in the capital market, particularly over the past few years. 

Awang said the number of complaints and enquiries related to scams received by the SC between 2019 and 2021 increased by more than four-fold.

“With losses nationally running into the billions, all stakeholders must play their part in eradicating this menace.

“In addition to investor awareness and education, the SC also employs other tools to combat scams and other unlicensed activities. This includes blocking websites, issuing cease and desist notices, as well as taking enforcement action,” he added.

Meanwhile, Financial Planning Association of Malaysia (FPAM) president Paul Hong Ceong reiterated the importance of financial planning among Malaysians, and FPAM’s initiatives have helped public outreach through financial education series and the SmartFinance enhancement.

Themed “The Excellence in Practice Management”, the Signature Financial Planning symposium was organised to develop the financial planning industry by creating awareness and education.

It attracted some 600 participants via both online and physical sessions.

-- BERNAMA

 

 


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