KUALA LUMPUR: The Securities Commission Malaysia (SC) today launched its annual investor education event, InvestSmart® Fest 2024, focusing on retirement planning and safeguarding investors from scams.
A recent SC study revealed that 54% of respondents believe their savings are insufficient for retirement, with only 16% confident that their funds will last more than 20 years post-retirement. Alarmingly, 18% of respondents feel their savings will only last five years or less.
Investor protection continues to be a pressing issue, with 3,380 scam-related complaints and enquiries received by the SC as of the third quarter this year. This marks a rising trend, with a 28% increase last year, highlighting the evolving sophistication of fraudulent schemes despite regulatory interventions.
InvestSmart® Fest 2024 aims to increase awareness and knowledge on the benefits of safe investing and the importance of starting to save early in life.
SC Chairman Dato’ Mohammad Faiz Azmi emphasized the need for vigilance in an increasingly digital world, stating, “The SC remains committed to safeguarding investors, but vigilance is key. Through InvestSmart® Fest, we are equipping Malaysians with the tools to recognise threats and make secure financial decisions.”
SC Executive Director and General Counsel Yew Yee Tee also warned of the rise in digital scams involving deepfakes, fraudulent pre-IPO schemes, and the mislabeling of Shariah-compliant products. “The public must practice caution and ensure they deal with licensed individuals or companies before making any investment decisions,” she said in her opening speech.
In response to the growing influence of financial influencers (finfluencers) on social media, the SC has updated the Guidance Note on the Provision of Investment Advice. The SC also cautioned against mule account scams, where victims are persuaded to rent out their bank accounts, leading to serious consequences.
In collaboration with Bursa Malaysia, InvestSmart® Fest 2024 will participate in the ‘Ring the Bell for World Investor Week’ campaign. This global initiative, organised by the World Federation of Exchanges and spearheaded by the International Organization of Securities Commissions, unites stock exchanges worldwide to promote investor education and protection.
InvestSmart® Fest 2024, expected to attract over 11,000 visitors to the Mid Valley Exhibition Centre (MVEC), will feature more than 40 exhibitors and 600 free financial planning sessions under the #FinPlan4u initiative. For the first time, an ‘Anti-Scam Zone’ will educate the public on scam prevention.
The event is supported by Bursa Malaysia, the Federation of Investment Managers Malaysia, the Financial Planning Association of Malaysia, and the Malaysian Financial Planning Council.
