Whilst consumers have always been at risk from fraudsters and scamsters
offering bogus financial services and products the increased use of the
internet has meant that there are now even more approaches being made.
The FSC has been working to produce concise guidance on what to do and
not to do when choosing a product or service. In addition the leaflet also
contains some examples of typical frauds/scams which occur and how to spot
these. There are also contact details so that consumers can obtain
information as regards whether a person or entity offering the financial
service or product is authorised.
Whilst the leaflet does not aim to provide an exhaustive list of dos and
don'ts it does lay down some basic guidance on how customers can ask the
right questions to determine whether the financial product/service on offer
is genuine and whether it is suitable for their needs.
Mark Dellipiani from the Commission, who was responsible for producing
the leaflet said:
"Through this leaflet the FSC hopes that the public is able to become
more aware of the potential pitfalls when investing in financial products
or services from unknown or unregulated sources. Ultimately though the
best protection for consumers is the use of basic common sense when
considering a financial product/service, remembering the old adage "If it
sounds too good to be true, it probably is."
The leaflet will be available at the premises of the FSC as well as from
the FSC's website (www.fsc.gi/consumer/fraud.htm)
We also hope that it will be soon available from the premises of the
Citizens Advice Bureau.