IFEC and Hong Kong Stakeholders Promote Financial Literacy and Investor Education during WIW 2019
30 September 2019
Today marks the first day of the World Investor Week 2019, a global campaign led by the International Organization of Securities Commissions (IOSCO), to underscore the importance of investor education and protection.
Taking place from 30 September to 6 October 2019, IOSCO members and stakeholders from different jurisdictions, including Hong Kong, will provide a variety of activities in the week-long global campaign. In light of today’s digital environment, education around online investing, digital assets and Initial Coin Offerings will be a key focus, in addition to re-emphasising the basics of investing.
As a member of the IOSCO Committee 8 on Retail Investors, the Investor and Financial Education Council (IFEC) is committed to enhancing financial literacy and investor education in Hong Kong through its day-to-day work, and taking the lead in major Hong Kong-wide initiatives such as World Investor Week.
Mr Ashley Alder, Chair of the IOSCO Board and the Chief Executive Officer of the Securities and Futures Commission said, “I look forward to seeing more jurisdictions and stakeholders come on board to provide quality financial and investor education. Demographic and other challenges mean that it is more important than ever for consumers to have the tools necessary to manage their personal financial affairs in an informed and responsible manner.”
Mr Lester Huang, Chairman of the IFEC said, “Financial and investor education is a lifelong journey for everyone, and for education programmes to be impactful and wide-reaching, we need more stakeholders on board. By pooling together our resources, areas of expertise and networks, we can deliver more specific and high-quality programmes for the wide-ranging Hong Kong demographic population.”
Launch of the Core Competencies Framework on Financial Literacy for Investors
To support the development and implementation of investor education initiatives across various jurisdictions, in conjunction with OECD, the IOSCO has developed a Core Competencies Framework on Financial Literacy for Investors by one of its working groups led by the IFEC.
The Framework provides guidance on areas to be covered in investor education, with a focus on improving investment knowledge, skills and attitudes so retail investors can make informed investment decisions. Content areas include basic investing principles and concepts; investment product attributes; buying/selling process of investment products; owning investment holdings; investor rights and responsibilities; behavioural biases related to investing; and investment scams and frauds. Details of the Framework are available here.
Mr Huang added, “We would like to extend our appreciation to the members of the IOSCO and OECD International Network on Financial Education for their valuable input on the development of the Core Competencies Framework on Financial Literacy for Investors. Serving as a benchmark for content development, implementation and evaluation, we trust the Framework will play a pivotal role in supporting and fostering more financial and investor education for retail investors.”
World Investor Week 2019 Activities in Hong Kong
The IFEC has published a dedicated portal featuring the range of World Investor Week 2019 activities in Hong Kong. Some of these include the Ring the Bell for Financial Literacy ceremony held by the Hong Kong Exchanges and Clearing, a Retail Investor Seminar on trends impacting investment decisions and an analysis of the traditional and virtual banking sectors, jointly-hosted by the Association of Chartered Certified Accountants, CFA Institute, Hong Kong Exchanges and Clearing Limited, Hong Kong Society of Financial Analysts and the IFEC. Across IFEC platforms, including The Chin Family website, Facebook and Instagram, there are materials and resources available covering online investing and protection, fund investing, retirement planning and more.
