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Wednesday, December 8, 2021

Public urged to conduct due diligence on investment firms products

Business News of Wednesday, 20 October 2021

Source: www.ghanaweb.com

2021-10-20

The Securities and Exchange Commission (SEC)The Securities and Exchange Commission (SEC)

• Products advertised by investment firms must be scrutinized by the public before they engage

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• There are still a number of unlicensed investment products on the market

• The SEC is the regulator for the securities market

The general public has been cautioned to ensure that due diligence of products, introduced by investment firms, are thoroughly assessed before a determination is made to invest in them.

According to the Director-General of the Securities and Exchange Commission, there remains a growing number of advertised investment products which has not been sanctioned by the Commission.

In an interaction with journalists following an engagement with law enforcement agencies in Accra, Rev. Daniel Tetteh Ogbarmey pointed that some licensed companies by the Commission must also be scrutinized to ensure they offer the requisite products and services to investors.

“Sometimes people say because it is a licensed company by the SEC so everything about them is genuine. However, I will advise that you do a thorough search and investigation about the products and services before signing onto them. Do a bit of a self-assessment to see whether your risk level can tolerate the product before you join” the SEC Director-General said.

Meanwhile, the law enforcement agencies at the event were the Police and the Economic and Organised Crime Office (EOCO).

The Securities and Exchange Commission is established by the Securities Industry Act, 2016 (Act 929) with the objective to regulate and promote the growth and development of an efficient and transparent securities market.

SEC on the other hand also ensures that investors on the market are well-protected.

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