The Consumer Voice - March 2015

A PUBLICATION OF THE CONSUMER WELFARE UNIT OF THE MINISTRY OF LABOUR & NATIONAL INSURANCE

VOL. 2 ISSUE 1

MARCH/APRIL/MAY 2015

FIRST YEAR ANNIVERSARY

COLLECTORS’

EDITION WORLD CONSUMER RIGHTS DAY 2015 – ‘THE CONSUMER’S RIGHT TO HEALTHY FOODS’ MULTIMILLION DOLLAR EXPANSION FOR PMH IN NEW CRITICAL CARE BLOCK CONSUMER WELFARE UNIT ORGANIZES CONSUMER EDUCATION MONTH IN THE BAHAMAS

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AN CE TIO NA L INS UR LAB OU R & NA MIN IST RY OF UN IT OF THE 2015 RE EB LFA N/F WE /JA R DEC NSU ME ON OF THE CO A PUB LIC ATI

Vol. I Issue 2

VOL. I ISSUE 4

A publ icAti on of the cons umer welfAre unit of the mini stry of lAbo ur & nAtio nAl insu rAnc e

june/july/augu

st 2014

N AT I O N A L ENERGY POLIC Y OF S T H E BAHA M A

W e at h e r in g Yo u r Fin a n c ia l S to r m

VOL. I ISSUE 3

COVER PHOTO

COURTESY OF

SURE SOLAR

Trusts - a superior alternative to wills?

Is it time for a more robust pension system?

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Are you saving enough for retirement?

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GY EFFICIENCY BUILDING ENERME O H INTO YOUR NAL INSU RANC E OM E OF LABO UR & NATIO UNIT OF THE MINI STRY CONS UMER WELFARE SIX STEPS TO HENCY /NOVEMBER 2014 A PUBL ICATI ON OF THE SEPTEMBER/OCTOBER CI FI EF ENERGY

The investment alternative

AN INNOVATIVE ADDITION TO TRADITIONAL BANKING

are You PreParing Fo r

retirement? hoW to PrePare a Fa milY Budget conSumer tiPS in a receSSion

CELEBRATING A YEAR OF

CONSUMER

VOICE THANK YOU TO ALL OUR READERS AND ADVERTISERS

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Standing up for rights of consumers World Consumer Rights Day 2015

T

he month of March 2015 has once again been declared Consumer Education Month in The Bahamas. The Consumer Welfare Unit of the Ministry of Labour & National Insurance is tasked with organising and spearheading the month’s activities, giving focus and attention to the consumer education and protection efforts of the Government of The Bahamas.

The recognition of World Consumer Rights Day, celebrated around the world each year on 15th March, is an integral part of Consumer Education Month activities. This year’s international theme, ‘the consumer’s right to healthy foods’ is a timely one in the Commonwealth of The Bahamas. The government is encouraging the reintroduction of back-yard farms and actively taking steps to enhance food security, both in terms of availability and quality assurance, with the introduction of the Bahamas Agricultural & Marine Science Institute (BAMSI).

At our Consumer Education Month annual church service, held this year on 1st March at New Lively Hope Baptist Church, Rev Sheldon Higgs in his sermon encouraged Bahamians to read labels when purchasing packaged food and to make an effort to eat healthy. He decried the experience of a local farmer in the southern Bahamas who had resorted to exporting his crops to Mexico, and only on their import

WRITE TO US WE would love to hear from you, our valued readers. Are there any issues you have as a consumer, that you would like to see addressed in a future edition of The Consumer Voice?

Would you like clarification, or additional information on any of our previous articles? Please feel free to write us. Address queries or letters to: lavadedarling@bahamas.gov.bs.

back to The Bahamas were they acceptable to merchants and consumers.

This is not in our national best interest economically, nor as individual consumers, as our local crops, poultry and meats included, are usually of a higher quality and organically grown.

The Consumer Voice, celebrating its first year anniversary this month, has evolved into the primary consumer education vehicle of the Consumer Welfare Unit. We are now online and past editions can be accessed on the Government of The Bahamas’ website www. bahamas.gov.bs under the Department of Labour.

During the past year, we have endeavoured to forge good working relationships with other agencies and organisations that also share a consumer protection function, in the interest of enhanced consumer protection efforts and cross sector collaboration.

We pledge to continue this partnership on behalf of Bahamian consumers, not only in the production of informative and relevant articles, but also in the hosting and co-hosting of seminars and public lectures.

Thank you very much our advertisers, columnists and writers for your support over the past year. Without you and the warm reception of our ever-growing readership, it would not have been possible. The best is yet to come!

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VAT and the consumer AS many of you are aware, we the citizens of The Bahamas have relied largely on revenue sources such as customs duties, real property taxes and stamp duties to maintain the demands of the country’s economy. In the past, these revenue sources would have been adequate to maintain the Bahamian economy.

However, demand for economic development and the lingering effects of the global economic recession have resulted in higher unemployment, falling average incomes, an increase in inequality, and higher government borrowing. These factors have placed tremendous strain on our country’s resources, thus making The Bahamas vulnerable to economic instability.

With the need for continuous economic growth, in addition to internal reviews of government spending, tax reform was deemed necessary to create and maintain an ample revenue stream to reduce the national debt burden and to continue providing essential services to Bahamians. Consideration was given to other tax systems such as corporate earnings, personal income, and sales. Value Added Tax (VAT) was deemed an ideal alternative source of revenue, as it projected a stable monetary support. VAT is a broad based consumption tax that is applied to all goods and most services bought locally or imported into the country.

Over time, VAT will address the existing unsustainable national debt level and ensure that basic necessities such as police protection, education, social services, and medical facilities receive the necessary fiscal attention. It is anticipated that the collection of VAT will provide sufficient funding for future government

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AN EXAMPLE of a Water and Sewerage bill showing the listing for VAT.

programs as well as support economic and population expansions.

Things to look for as a consumer The selling price of a good or service – that is the price advertised by merchants – must be inclusive of VAT. The total amount of VAT charged should be shown separately on the invoice or receipt. (VAT Act, Section 10, page 16).

Please note that only VAT Registrants can charge and collect VAT on behalf of the government. Vat Registrants are given a VAT Certificate with a VAT watermark logo. There are also registrants who have Tax Identification Notification (TIN) numbers only. Those TIN registrants are not allowed to charge VAT. The TIN certificate has the Coat of Arms on it and no VAT watermark logo.

Gas Prices Gas prices displayed at the pumps are VAT inclusive. What is seen at the pump is the price that is to be paid (See the Price Control amendment on gasoline and diesel Regulations, 2011 pg. 8).

Dining at Restaurants A restaurant should apply the 7.5% VAT on the menu price and should not include 15% gratuity. Additionally, the 15% gratuity is also on the menu price and should not include the 7.5% VAT. Restaurants with dine-in table service may publish menus with the VAT exclusive price and the amount of VAT and gratuity shown separately.

So for example if you receive a bill with the subtotal for food and drinks at $100, the VAT should be $7.50 and the gratuity should be $15, giving you a total bill of $122.50.

Phone Cards VAT is not charged at point of purchase, instead VAT is charged when you use your phone (example make a call, send a text, or activate a data plan).

Gift certificates are treated similarly.

Once you use the value of the gift certificate, the VAT associated with that has to be paid by the consumer.

Insurance According to Part 1 of the Second Schedule of the VAT Act, insurance services provided to a person or business in The Bahamas is exempt from VAT until June 30th, 2015. This specifically refers to insurance premiums for medical services, any insurance associated with home or car repairs. After that time nonlife insurances and savings instruments like property, health and casualty insurance will be subject to VAT at the standard rate. If the insurance service is supplied to a person or business outside The Bahamas then the service is zero-rated.

For more information, please reference the VAT Guide on Financial and Insurance Services (www.bahamas.gov.bs).

Financial Services Some financial services supplied to a person or business in The Bahamas is commonly exempted from VAT. According to the Second Schedule of the VAT Act, Part 1, if a financial service is not international or domestic (provided for an explicit fee), then it is exempt from VAT. In terms of domestic financial services, fees associated with ATM withdrawals, payroll payments, cash handling, safe keeping services and safety deposits – otherwise known as explicit fees – are all subject to VAT at the standard rate. You

can view a list of all explicit fees at your local bank branch. For more information, please reference the VAT Guide on Financial and Insurance Services.

International Travel According to the First Schedule (section 6) of the Value Added Tax Act, if a journey is from a place in The Bahamas to a place outside The Bahamas or from a place outside The Bahamas to a place inside The Bahamas then it is subject to VAT at the zero rate. An international flight from a place outside of The Bahamas is treated as international transportation at the zero rate (where the travel is concluded within 48 hours of its initiation, but involves layovers).

Domestic Travel Domestic travel is subject to the standard rate of VAT (7.5%) if the journey is from a place in The Bahamas to another place in The Bahamas, even if the journey takes place, to some extent, in international airspace or waters. This is referred to as “domestic passenger transport”.

Rent VAT is only allowed to be charged on rent for commercial properties. There is no VAT on residential properties so for example, landlords with apartments being used as residential dwellings who collect rent at the beginning or end of the month should not be charging VAT. Utility Bills VAT is added to your monthly bill for phone, cable, electricity and water usage. You are charged VAT on your package rate, and VAT is also added to any overage you incur. A breakdown of these charges is displayed on your bill.

BEAT VAT... BITE INTO A HEALTHY LIFESTYLE

THE Bahamas Association of Nutrition and Dietetics (BAND) celebrates National Nutrition Month this month with the theme, “Beat VAT...Bite into a Healthy Lifestyle”. BAND seeks to increase public awareness of healthy food choices and physical activity practices.

This year’s campaign seeks to encourage people to use food items that are both nutritious and economical, to become more creative in meal planning and to use healthy food preparation methods.

Bahamians of all walks of life have been affected by the global economic downturn. According to the Great Commission Ministry, there has been a 110% increase in people seeking food, clothes and shelter since October 2008. In 2014,

data from the Department of Statistics and the Department of Social Services indicated that more than 40,000 people fall below the poverty line. With the further implementation of VAT at 7.5%, in January 2015, coupled with increased food prices, even more may be affected.

The Bahamas is not immune to the rising cost of food and its threat to household food security. Due to the downturn and the rising cost of fuel, wholesalers have increased the cost of food and, as a result, local food store chains have increased their food prices. Household budgets are being stretched, and eating healthy is simply not a priority for many when compared to other basic needs, such as shelter and clothing.

However, at the Nutrition Co-ordinators Conference in St Kitts and Nevis in 2008, Dr Fitzroy Henry, director of the Caribbean Food and Nutrition Institute, said nutrition should be made top priority during times of economic crisis and that compromised nutritional status decreases functional capacity, ability to work, intellectual and growth development, as well as individual and social productivity.

The goal of the campaign is that people will make healthy food choices even when their budgets are stretched.

Objectives: • To teach the public to identify and choose healthier food items on a tight budget.

• To educate the public on creative and healthy food preparation.

• To increase awareness of National Nutrition Month.

• To promote the Dietary Guidelines for The Bahamas.

Key Messages: • Plan your meals well.

• Make a list, stick to it and shop smart.

• Choose foods/ingredients naturally low in fat, sugar and salt. Keep it simple!

• Use healthy food preparation methods.

• Eat the right amount of food for you. Watch your portion sizes!

• Get back in the kitchen! Cook your own food.

• Grow your own fruits and veggies.

Proposed activities: • Two Community Symposiums.

• Poster Competition for primary, junior and high schools.

• Media appearances for public education and promotion.

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Do you want a healthier lifestyle?

Developing healthy lifestyle habits

S

etting New Year’s Resolutions is a rite of passage for many each year.

We take stock of where we are in life and think about where we want to be and then determine what it is we need to do in order to get there.

This year’s first talk in the Doctors Hospital Distinguished Lecture Series assembled a team including a life coach, health coach, exercise physiologist and financial guru to offer top tips for making this year’s resolutions a reality.

“Living a healthy life requires you to make healthy choices in every area of your life. The obvious areas are in nutrition and fitness, but overall health and wellness goes beyond that - into achieving balance, getting more organized, and in becoming financially healthy as well”, explains Marketing Director and Certified Life Coach Jessica Robertson.

Work Life Balance No matter what you resolve to accomplish or change this year, you will have

a difficult time doing it if you don’t first achieve some balance in your life. For some, particularly working parents, seeking balance in and of itself is a worthy resolution to set.

The first tip for achieving balance is to prioritize. Decide what you want out of life and then determine which tasks will help you achieve those fastest. Prioritizing the many tasks on your plate makes them easier to tackle.

Second is to become comfortable saying the word ‘No’, being more selfish and asking for help.

And the third tip for achieving balance is to stop trying to be a super hero. None of us can do it all.

Get Organized You will also find it difficult to achieve your goals if you are not organized. Being organized means different things to different people and it is important to find a level of organization that is comfortable See PG 7

High blood pressure: get it down

By DR HAROLD MUNNINGS IT is remarkable, when one considers how health conscious is the average Bahamian, what a poor job we generally do of looking after ourselves. As we go about our hectic lives in our humming capital, we worry daily about falling victim to cancer, an accident and violent crime. The risks are certainly there, but a greater threat to our health is often hidden in plain sight. It is an insidious and stoppable enemy that we know as high blood pressure or hypertension.

Too often, I hear a patient say that her “blood pressure is always up”. She passes it off as due to stress and rushing about.

She blames my machine and my white coat.

Never mind that her daddy had a stroke, which is one of the deadly complications of uncontrolled hypertension. Never mind that several of her siblings are on blood pressure medication. Somehow she manages to convince herself that she is exempt from the implications of the elevated numbers she produces.

And so she goes about her business, while her heart overworks and her kidneys are damaged. Those vital organs cannot remain healthy when they are forced to operate in a body environment that is outside of the design parameters set by the Almighty. The plumbing in our homes is built to withstand a certain pressure. Too high and we court disaster with a blow out or pump failure. The human body is no different and there is often no warning before a catastrophic failure. The only way to pre-

dict trouble is to measure the blood pressure and to adjust the level as necessary.

This may be achieved by daily exercise, by cutting out cocktails and by curtailing caffeine. Suspend the salt and eat more green and leafy vegetables. When these measures fail to get the pressure down to normal, medication must be added.

For some persons, medication is needed for only a few months, while waiting for the benefits of an exercise and diet program to kick in. Others need long term medication.

Any blood pressure reading above normal increases one’s risk of heart disease, kidney disease and stroke. Regardless of the cause of the elevation, whether due to heredity, or stress and worry or due to an unhealthy lifestyle, a normal blood pressure must be your aim. Have your pressure checked regularly and do whatever is necessary to bring it to normal. Don’t accept “a little high”.

Tear down psychological barriers that pop up at the mention of having to take pills. If diet and exercise are not enough to bring your blood pressure down to normal, it may be that one or two pills a day is all that stands between you and premature death or disability.

You choose.

• Dr Harold Munnings is a consultant physician and gastroenterologist at the Princess Margaret Hospital and at Doctors Hospital. His practice is located at The Centre for Digestive Health, Grosvenor Close, and Shirley Street, Nassau WWW.digestivehealthbahamas.com Telephone 242-328-5550

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THE TRIBUNE From pg 6 and sustainable for you.

Tip one is to create To-Do Lists. Start with an annual list. What do I want to achieve this year? From there, create a monthly list based on external deadlines and the priorities you have already set.

Break those tasks down into weekly ToDo Lists and then daily. You will feel a sense of accomplishment when you can actually start checking things off.

A second tip is to organize your home so that your mornings – when you are generally under a time crunch to get up, get yourself and everyone ready, fed and out the door on time – run more smoothly.

And make sure your goals are S.M.A.R.T. Goals. They need to be Specific; Measureable; Attainable; Realistic and Tangible as well as have a Timeframe.

Nutrition and Fitness For many people, a New Year’s Resolution is all about getting in better shape.

There are two ways to do this –exercise regularly and eat right.

Get Fit In order to make fitness a part of your life, you need to ‘Be In It for The Long Run’. To do this, you need to break down barriers and take it slow. You will get there so long as you set out on the right pace. Be sure to select the right mode of

exercise for you – including the facility, classes and trainers that you feel most comfortable with. Need more motivation?

Find yourself a workout partner who you can be accountable to.

Fitness Tip two is to get out of your comfort zone. Try something new. Change your routine, challenge yourself with a Workout of the Day or Week.

Tip three plays back into making sure you are setting S.M.A.R.T. fitness goals.

Don’t make sudden or drastic changes, give yourself a suitable amount of time to achieve them and remember that ‘quick and easy’ does not win the race.

Eat Right In order to improve your nutrition this year, set S.M.A.R.T. Goals. Make them simple and specific. Rather than saying “I’m going to lose 55 pounds”, break that down into smaller, actionable chunks by saying “I’m going to lose the recommended 1-2 pounds a week”. Document your progress and set goals you actually want to achieve.

Any long-term success is going to require lifestyle changes that you can sustain long term. So allow yourself to indulge once in a while. Just be sure not to overindulge. A good rule of thumb is one reward at one meal a week.

And find a way to be accountable. If you find it hard to keep yourself on track, then

WEDNESDAY, THURSDAY, MARCH March,18, 18,2015 2015 ● PAGE 7

find a partner or a program like ‘Weight Loss Solutions’ at Bahamas Medical Center, where there is a team of experts to whom you can be accountable in order to achieve your short and long term goals.

Financial Health And finally, with VAT now a part of our lives; we all could do with some tightening of the financial belts. In order to improve your personal financial health this year, ask yourself three simple questions: What? What is it that you want to accomplish? Follow the guidelines for setting S.M.A.R.T. goals and make sure your goal is clear, precise and attainable.

Why? Why do you want to accomplish this goal? This will help establish your personal motivation for setting out on this goal. Your motivation needs to be personal, something you can visualize and worth the effort to you.

How? How are you going to accomplish your goal? You need an actual plan to set into motion. Speak with others who have accomplished what you want, consult professional advisors and prepare a budget to determine what you have, what you need and the timeline between the two.

Get Started If, like many, you set a resolution, but before January was over, you fell off track,

pick yourself up, dust yourself off, apply these guidelines and get started again.

Fifty percent of all adults set at least one New Year’s Resolution, but 88% fail to achieve them.

And remember, there is no law that says a New Year’s Resolution has to start on January 1st. If you haven’t already set some goals and started to make the necessary changes, your new year can start right now.

FOR more information on Work Life Balance, contact Life Coach Jessica Robertson (JRobertson@Doctorshosp.com); on Getting Organized, contact Health Coach Sakina Sands (SSands@Doctorshosp.com), on Fitness and Nutrition, contact Medical Fitness at Bahamas Medical Center (327-5081); and on Financial Health, contact Zakiya Butler, CFA (zakiya.butler@gmail.com).

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Head Office (Commonwealth Bank Plaza, Mackey St.) Tel: 242.502.6200 | P.O. Box SS-5541 | Nassau, Bahamas

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You don’t have to come to NIB to be verified.... Here’s what to do: Collect a couple of verification forms from your nearest Local Office (or have someone collect it for you), or, better yet, download one from our website; if you’re in receipt of an assistance, download this one: http://www.nib-bahamas.com/UserFiles/HTMLeditor/B.75a%20Assistance%20Verification.pdf.

If you’re receiving a benefit, get this one:

http://www.nib-bahamas.com/UserFiles/HTMLEditor/Verification%20-%20Form%20B75b.pdf.

Then when verification time comes around, complete the form and have it certified by one of the following:      

Counsel or Attorney of the Supreme Court Any Public Officer above the rank of Assistant Head of Department An ordained Minister of Religion (Pastor) Bank Manager Magistrate Justice of the Peace.

If you live outside of The Bahamas, you can also have your form validated by a  Notary Public  Lawyer  Chief of Police.

Once completed, submit the form by:  E-mail to pensions@nib- bahamas.com.  Fax to (242) 322-2972.  Courier or Mail to The Pensions Department, The National Insurance Board, P. O. Box N-7508, Nassau, Bahamas.  Hand to your nearest NIB Local Office.

You are required to be verified twice per year - during your birth month and 6 months thereafter: Born January: verify Jan & July February: “ Feb & Aug March: “ Mar & Sept April: “ Apr & Oct May: “ May & Nov June: “ Jun & Dec July: “ July & Jan August: “ Aug & Feb September: “ Sept & Mar October: “ Oct & Apr November: “ Nov & May December: “ Dec & Jun Failure to be verified as specified will result in payment suspension.

If your Seniors Card has expired, come in and get your new Seniors Smart Card today. Come to your nearest NIB Local Office and bring along your old card.

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A new era in critical care THE pomp and circumstance of January 22 culminated in the joyous crescendo of a Junkanoo rush out signalling the end of the official commissioning ceremony for The Bahamas’ most technologically advanced public health facility, namely, the Critical Care Block at Princess Margaret Hospital.

When all was said and done, Governor General Her Excellency Dame Marguerite Pindling flanked by current Prime Minister the Rt Hon Perry G Christie and past Prime Minister the Rt Hon Hubert A Ingraham, as well as senior health officials, performed the ceremonial task of cutting the ribbon opening the doors of the Critical Care Block to the public while at the same time symbolically ending a journey that began more than five years earlier; and beginning a new era in the life of our nation’s best known hospital. It marked the largest expansion of the hospital in its more than 50-year history.

The moment heralded the astute focus of the Public Hospitals Authority (PHA), which described the completion of the Critical Care Block as its most ambitious assignment to date.

The PHA which leads the government’s mandate for the redevelopment and enhancement of public healthcare institutions and agencies managed the almost $100m project which spans three levels over 66,000 sq feet.

The initial plan focused on providing three operating rooms and supporting spaces. However, that would later be amended when the PHA’s Project Team revisited and analysed the anticipated needs for the public health system’s critical and surgical health care services. What followed was a plan for the construction of a new facility consisting of the following: • 6 operating rooms.

• 18 Pre Op/PACU Beds.

• 20 Intensive Care Unit Beds.

• 62-Bed Neonatal Intensive Care Unit (level III) • Central Sterile Supplies Department.

• Medical Surgical Supplies Department.

• Core Laboratory.

• Meditation Area and Healing Garden.

• Food Court.

• New Front Entry/Reception for the PMH. The project for construction was awarded to Cavalier Construction and commenced in November 2011. Also central to the vision for the block was a facility that would offer doctors, nurses and other medical staff the space and equipment they needed to deliver the best levels of care possible.

Today, the Critical Care Block stands open to the public, fully encompassing the vision of its planners, architects, engineers and builders. It houses the country’s only Level Three Neonatal Intensive Care Unit, Medical Teleconferencing and Teaching capabilities, Advanced Software Applications for monitoring patients and equipment; and the first layer of “green” improvements at PMH with solar powered exterior lighting and a water recycling system for the irrigation systems of the block.

The hospital’s administrative offices are also located in the new block.

Describing the block as impressive and environmentally friendly, Mr Christie, while providing the keynote address at the commissioning, hailed the project as a model for other government facilities. He said: “Embracing 21st century technologies, this new facility will be more energy efficient with the introduction of a 180,000 gallon water retention tank that collects all the rain water and condensed liquid from the air conditioning units, along with a Reverse Osmosis (RO) System to provide RO water to the building. Solar panels are also being used to provide alternate energy supply to some of the exterior lights.”

With its new surgical theatres the public can expect to see a reduction in the waiting list for public patients awaiting surgical procedures, particularly with respect to day cases. No longer will patients have to experience the cancellation of scheduled

DAME MARGUERITE PINDLING, above, cuts the ribbon of the new Critical Care Block with, from left, Hon Perry Gomez, Minister of Health; Rt Hon Prime Minister Perry Christie; and Rt Hon Hubert Ingraham, former prime minister. procedures due to a lack of availability of surgical theatres.

The block also provides a more aesthetic and safe environment conducive to surgery and augments disaster related surgical capacity.

The Prime Minister also contrasted the facility against the advancements we have made as a country in the healthcare field, saying: “We can all recall the days when a diagnosis of advanced heart disease meant that families and communities would have to struggle to send a patient abroad for surgical treatment.

“Today, the advancements we have seen in our surgical department is a significant step forward at ensuring that Bahamians can receive advanced medical care without having to travel abroad. In fact, what the Critical Care Block most represents in the enhancements of medical technology matches the expertise of our physicians and specialists.”

Ultimately, the Critical Care Block represents the best of what the nation has to offer. It underscores the talent and skill of professionals and craftsmen from a plethora of industries brought together to execute a vision that has transformed the largest and best known public

hospital in the country.

Already, the Critical Care Block is making a difference in the lives of Bahamian families

and in the weeks and years to come it will fulfill its promise to raise the standard of hospital services for all Bahamians.

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Making your money work for you

M

ANY people feel that you have to be extremely wealthy to be an investor. Others may feel that investing is too hard to understand and will lead to losing all of your money. The truth is, anyone can become an investor. This article will provide some of the basics on investing, including an overview of some of the associated risks and benefits.

Investing When you make an investment, you are giving your money to a company, enterprise or public authority, hoping that it will be successful and will be able to pay you back with even more money.

Before you invest, however, you should seek professional advice. Investment Advisors help their clients understand different investment products and their characteristics. These advisors usually work for securities firms.

Anyone providing investment advice to the public should be registered with the Securities Commission of The Bahamas (the Commission). For a complete list of firms and their personnel who are registered to provide investment advice, please visit www.scb.gov.bs/reg_ entities.html.

Benefits of Investing Investing can be beneficial and it is something that you may want to consider. Some people invest to increase their future wealth, while others invest to ensure that their wealth does not lose value over time.

Many invest so that they can have more than one source of income. These three objectives are known as: capital appreciation, capital preservation, and additional income streams. A brief overview of them follows.

Capital appreciation happens when the value of an investment increases; investors can sell the product for more than it was purchased for and make a profit.

It is probably the investment benefit most people are familiar with.

On the other hand, some investors are primarily con-

cerned with ensuring an investment keeps its value over time.

Known as capital preservation, this involves offsetting the effects of inflation using investment products which are relatively ‘safe’, and pose little risk that the entire investment will be lost.

Many people save their money in bank accounts, secret socks, or even under a mattress, so that they can use it in the future. As time progresses, however, even the money that they saved in a bank account may actually lose value because the interest rates may not be high enough to offset inflation and the resulting increases in the cost of living.

Inflation is a steady rise in prices of goods and services. For example, let’s say $200 can afford two trolleys full of grocery today. In 5 years, that $200 may only be able to afford one trolley full.

Another reason people invest is to have additional streams of income. For an individual who invests in stocks, the additional income would be in the form of dividends.

For bonds, the additional income is received in the form of interest payments. Depending on the product, the investor may receive this additional income annually, semi-annually, or at other regular intervals.

These are some of the features your investment advisor should ensure are clear to you; some investments may not provide any income streams, and only offer the benefits of capital appreciation or capital preservation.

Investment Risks While there are benefits to investing, there are also risks involved. In fact, a discussion of the rewards of investing is incomplete without a discussion of the risks that accompany it.

With investing, the benefits and risks usually have a direct relationship: the greater the risk, the greater the potential reward, and vice-versa.

As you consider risk, note that there are different risks associated with different products.

A brief discussion of common types of investment products in the Bahamian capital markets follows.

WORKING TOGETHER, WORSHIPPING TOGETHER

MEMBERS of the Consumer Protection Commission, Prices Commission and Consumer Welfare Unit worship together at New Lively Hope Baptist Church on Sunday, March 1.

Investment Products (Securities) As you go through this short list of products, remember that you should seek professional guidance before making investment decisions.

• Stocks (Equity) A stock can be defined as an investment product that represents partownership in a company. Investors who own stock are called stockholders or shareholders and may receive a share of the company’s profits in the form of dividends.

• Bonds (Debt): A bond is an investment product that represents a loan to a company. So, an investor lends money to a company and that company promises to repay and may also pay the investor interest.

• Investment Funds (or Mutual Funds) An investment fund is a pool of money managed by a professional or a group of professionals. When you invest in a mutual fund, you are joining your money to the pool in exchange for a share of the fund.

For stock, investors run the risk of the company performing poorly; if this happens there is a chance that an investor can lose their money. In terms of bonds, investors run the risk of the company not being able to pay them back, however, a bond is generally considered a safer investment than stock.

Investment risks can be placed into two broad categories: Systematic and Unsystem-

atic Risk.

In the case of systematic risk, usually the entire market or an entire segment of the market will be impacted. Examples include a major change in the global economy, like a recession, which may impact the value of the entire securities market, not just a single stock or bond. Systematic risk is also called ‘Undiversifiable’ risk.

Diversification simply means not putting all your eggs in one basket or not investing in only one company, or a single industry. By investing in different businesses or in businesses operating in different segments of the economy, the overall investment risk is shared between the products and the risk of you suffering an overall loss is reduced.

There are strategies investors use to try to reduce the impact of systematic risk, achieved through, for example, how they allocate their investments in bonds compared to stocks, or through ‘hedging’. However, for a person just learning about investing, it is important to understand that conditions outside of their control may cause the entire market to lose value.

Unsystematic or ‘diversifiable’ risks are risks that can be reduced or controlled through diversification.

Before choosing an investment product, remember to invest based on your individual financial situation, the amount of risk you are willing to take, and your financial goals. For

instance, the person who needs funds to send a child to college may make different investment decisions compared to someone who is in need of a steady income after retirement. It all boils down to what is right for you.

The Commission’s Role Apart from systematic and unsystematic risk, there is the risk of fraudulent activity in the securities market. This is where the Commission steps in. The Commission’s mission is “To effectively oversee and regulate the activities of the securities and capital markets, to protect investors, while strengthening public and institutional confidence in the integrity of those markets.” The Commission is also here to help you get an understanding of the securities and capital markets so that you can make more informed investment decisions.

Remember that anyone can invest and that there are many investment products available that may suit your individual needs. Consult a registered professional before deciding to invest. Keep in mind that although there are some risks involved with investing, there are also many benefits.

• For more information, you can contact the Commission at info@scb.gov.bs or at telephone number 242-397-4100.

Article by the Securities Commission of The Bahamas

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