The Cayman Islands Monetary Authority (“CIMA”) has announced the launch of its online campaign titled “I Learned the Hard Way” which seeks to raise awareness about the importance of financial education as well as understanding the risks associated with investment opportunities.
Throughout its work, CIMA has recognised that investment mis-selling is a growing issue among its registered entities and general consumers alike, especially as the market is becoming increasingly diverse and persons are becoming more vulnerable. Therefore, part of the campaign will seek to address these areas, as well as help investors avoid potential fraud.
CIMA Managing Director Mrs. Cindy Scotland, OBE, said “As principal regulator of the financial services industry, CIMA plays a critical role in promoting investor protection and protecting the reputation of the Cayman Islands as a leading financial services centre. As such, investor education remains a top priority and through this campaign, we look forward to empowering investors, both locally and abroad, to take control of their financial resources and make informed decisions.”
A dedicated webpage will act as a centrepiece for the campaign and a helpful informational resource for users. A series of tips will also be shared weekly via CIMA’s LinkedIn and Facebook social media platforms, along with related blog articles and other material.
Messages will highlight the basic financial concepts, including among other things, the importance of understanding that all investments entail risk, learning the right questions to ask when choosing an investment, recognising the common red flags of illegal cash investment opportunities, and complaint handling and reporting.
For more information, visit www.campaign.cima.ky
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