Montréal - The 2009 RRSP season is in full swing and the Autorité des marchés financiers (AMF) has advice for the thousands of Quebeckers who will contribute to a registered retirement savings plan in the coming weeks. This advice, which applies to the purchase of any financial product, is intended to help them make informed investment decisions.
“The current economic situation and market volatility could cause concern for consumers during this RRSP season. It is essential to remind investors of the importance of obtaining objective information and to feel free to ask questions before purchasing an RRSP product. Like any other savings and investment product, buying an RRSP requires time and thought,” said Anne-Marie Poitras, Superintendent, Client Services and Compensation at the AMF.
Ms. Poitras gave further advice for investors:
- Make sure that the representative or firm you are doing business with is registered with the AMF by contacting our Information Centre.
- Before buying any financial product, review your financial situation, set your goals, assess your tolerance for risk, choose the products that best suit you and determine the amount to save or invest.
- Make sure you fully understand the terms of the RRSP offered to you before signing the contract. Never invest your savings in a financial product that you do not understand. Take the time to think it over.
- Never make an impulse investment decision. Be careful if you are offered high risk-free earnings. If something sounds too good to be true, it most likely is!
“The AMF can support investors in their approach by giving them access to useful and objective information in plain language,” added Ms. Poitras. The AMF’s website includes a Retirement section where consumers can test their knowledge of RRSPs through various quizzes and consult a number of documents, such as:
- various retirement planning brochures and tools;
- a series of leaflets on RRSPs containing a variety of advice, such as RRSP investments based on your age and Beware of RRSP fraud.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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