Bermuda’s financial institution watchdog has launched a new awareness campaign aimed to help consumers protect their money when banking and investing.The Bermuda Monetary Authority, the Island’s independent financial services regulator, developed the web-based “Know Before You Go” programme to inform the public of the responsibilities banks, investment firms, insurance companies and trust companies have when serving customers.“As Bermuda’s independent financial services regulator we make rules financial services firms must follow to ensure our market remains stable, which is for the ultimate benefit of the entire community,” said BMA CEO Jeremy Cox. “However, with this initiative, we can also help consumers make informed decisions when dealing with such firms. It’s important, particularly in challenging economic conditions, for the community to be aware of the fundamental information they need to interact with institutions on an informed basis.”The campaign’s website offers information on how to ensure consumers receive the service they expect from financial institutions and tips on how to avoid scams and fraudulent investment activities. It also lists the financial sector’s Market Code of Conduct that lays out standards of good practice and transparency.While the campaign may seem to venture over into the Department of Consumer Affairs territory, the BMA insists that consumer education has been a long-standing mandate for the authority and the initiative is complementary to the Government organisation’s role in the community. The BMA handles issues at an institutional and systemic level, while the Department of Consumer Affairs handles concerns at the individual level. Monetary authorities in the UK and the Caribbean have developed similar consumer protection campaigns as well.The website also notes that the BMA along with the Ministry of Finance, the IMF and the Bermuda banking sector are set to introduce a Deposit Insurance Scheme (DIS) in 2012 that will guarantee up to $25,000 in retail bank deposits.For more information, visit the BMA’s “Know Before You Go” website at www.bma.bm/consumers