Online consumer support and advice available

The rising cost of living is continuing to create financial pressures for many Island households.

With this in mind, the Isle of Man Financial Services Authority is highlighting the support and guidance available for people who may be experiencing a change in their financial circumstances.

Protecting consumers is one of the Authority’s regulatory objectives, complementing our work to reduce financial crime and maintain confidence in the Island’s financial services sector.

We publish a range of information on our website, including a Consumer Awareness section that offers tips and advice to help people manage their finances and protect themselves against bad practice.

There is concern that the current financial climate may leave some people vulnerable to fraud and scams. Additionally, people may be tempted to indulge in riskier behaviour, such as borrowing from unregulated money lenders or investing in high-risk products.

Those facing a reduction in their disposable income may also think about changing prudent habits, for example, stopping payments into savings plans, cutting back on pension contributions or reducing insurance cover.

The Authority encourages people who may be experiencing difficulties to speak to their product provider before taking any action that could have detrimental long-term consequences.

Further assistance can be accessed via Government’s Cost of Living Support website, while a number of other organisations can offer free help and advice, such as the Office of Fair Trading’s confidential debt counselling service.