The Securities Commission Malaysia (SC) on Friday inaugurated its annual investor education event, InvestSmart® Fest 2024, that stresses on planning for retirement and safeguarding investors from scams.
A recent SC study found that 54% of respondents believe their savings are insufficient for retirement with only 16% confident that their funds will last over 20 years after retirement. Alarmingly, 18% of respondents feel their saving can only sustain for five years or less.
Investor protection, on the other hand, is also a pressing issue faced by Malaysian investors. As of the third quarter of 2024, 3,380 scam-related complaints and enquiries were received by the SC, a 28% increase from a year earlier, proving the evolving sophistication of fraudulent schemes despite regulatory intervention.
As such, InvestSmart® Fest 2024 highlights SC’s efforts in increasing awareness and knowledge on the benefits of saving earlier in life for retirement, and also investing safely with the backing of sound financial knowledge.
The SC Chairman Dato’ Mohammad Faiz Azmi stressed that staying vigilant in an increasingly digital world is no longer a priority for investors, but a necessity.
“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,” he said.
SC Executive Director and General Counsel Yew Yee Tee, meanwhile, warned of rising 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 at the event.
In collaboration with Bursa Malaysia, InvestSmart® Fest 2024 will also participate in the ‘Ring the Bell for World Investor Week’ campaign.
The global initiative, organised by the World Federation of Exchanges and spearheaded by the International Organisation of Securities Commissions (IOSCO), brings together stock exchanges worldwide to promote investor education and protection.
IOSCO is an association of organisations that regulate the world’s securities and futures markets. Members are typically securities and/or futures regulators in a national jurisdiction or the main financial regulators from participating countries.
SC’s flagship event is expected to draw over 11,000 visitors to the Mid Valley Exhibition Centre, featuring 40+ exhibitors and 600 free financial planning sessions under the ‘FinPlan4u’ initiative. For the first time, an ‘Anti-Scam Zone’ is set up to educate the public on scam prevention.
InvestSmart® Fest 2024 is supported by Bursa Malaysia, the Federation of Investment Managers Malaysia, Financial Planning Association of Malaysia and Malaysian Financial Planning Council.
