The IOSCO (International Organization of Securities Commissions), which is the worldwide body for securities supervision authorities, is holding “World Investor Week” from today, 2 October, until Sunday, 8 October 2017, with the aim or raising and increasing awareness for the importance of financial education and investor protection. Workshops, conferences and many other events will be taking place around the globe to point out existing initiatives in these areas, as well as to discuss new initiatives. The Austrian Financial Market Authority (FMA), as a full member of IOSCO, and the Austrian Association of Financial Planners (Österreichischer Verband Financial Planners), as an associate member of IOSCO, will be participating for Austria.
As the host of the European Regional Committee (ERC) of IOSCO, which will be meeting in Vienna this week, the FMA will be presenting its concepts on collective consumer protection as well as information for consumers. The Austrian Association of Financial Planners, which has established the international CFP (Certified Financial Planners) standard as the education concept for investment advisors in Austria, will hold “World Financial Planning Day” in Austria being organised by its umbrella organisation, The Financial Planning Standards Board (FPSB) for the first time. “Protecting savers, consumers and investors is one of the FMA’s key agendas,” remarks Executive Director Klaus Kumpfmüller: “We are therefore supporting IOSCO’s campaign to improve both financial education as well as investor protection”. As part of its collective consumer protection remit, the FMA on the one hand provides detailed information for investors, ranging from “The Basics: the Financial Market” which explains basic concepts about loans, investing money and investment products, through to its specific warnings about dubious providers. On the other hand, as the supervisory authority, it ensures that providers of financial services that require a licence perform their services in an orderly manner, and in particular provide both transparent and correct advice. The CFP training concept also supports this aim, states Kumpfmüller. Otto Lucius, Chairman of the Board of the Austrian Association of Financial Planners, adds: “Every investor has a right to receive expert, correct and independent financial advice. This is the only way that we are able to ensure that investors are fully informed about both the risks and opportunity associated with investments, and may be able to make an information investment decision that is appropriate with their long-term objectives.”
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516