2009 RRSP Season - AMF cautions against hasty investment choices
Organization Investor warnings - News
Montréal – With the 2009 RRSP season in full swing, the Autorité des marchés financiers (AMF) cautions Quebeckers to be careful when investing.
In the current economic situation, some investors might be tempted by seemingly attractive investments. The AMF urges them to be vigilant, as anyone can fall victim to fraud. "Even though only a few weeks remain in the RRSP season, investors still need to get all the information they can to make informed investment choices. After all, their financial future depends on it!" said Anne-Marie Poitras, Superintendent, AMF Client Services and Compensation.
The AMF reminds the thousands of investors who will contribute to a registered retirement savings plan in the coming weeks that it is important to determine their investment needs and risk tolerance and stay on track, particularly at the end of the RRSP campaign. "People often take more time choosing a car than they do an RRSP investment. And yet, like any product, selecting an RRSP takes time and thought," added Ms. Poitras.
To avoid making hasty savings and investment choices, ask yourself the following questions:
- Is the person proposing the investment authorized to do so and registered with the AMF?
- Will this investment enable me to reach my financial goals?
- Does it respect my risk tolerance?
"The AMF can support investors in their approach by giving them access to useful and objective information in plain language," noted Ms. Poitras. The AMF’s website includes a Retirement section where consumers can test their knowledge of RRSPs and consult a number of documents to guide them in making sound choices, such as:
- The brochures Choose the investment that suits you, Investing to Optimize Retirement Income, and Red-Flagging Financial Fraud;
- The calculator in the retirement planning tool Mon plan, je le fais maintenant!;
- Various quizzes and crossword puzzles.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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