Investing money safely

The Ombudsman for Financial Services Providers (Fais), Charles Pillai, has asked for financial products to be subject to approval of sort in order to "protect members of public from being exploited by market forces motivated by nothing more than greed and irresponsibility".

These comments were released in a statement following a case where a couple demanded their money back after giving it to an authorised financial services provider to invest on their behalf.

So with all these dodgy schemes floating around, what exactly are your options?

•  Invest in gold: While this might sound tricky and complex, gold is one of the most stable investment products and has a proven growth record. For large sums of money, investing in gold has great growth potential and almost no risk.
• Open a standard savings account: for long term investments, this is obviously not the ideal way to go but for any short-term savings, opening a savings account could work for you. Make sure you do plenty of research and choose the option best suited to you.
• Educate yourself: knowledge is power and researching the options available to you is vital when you want to see your money grow.

Whether you are saving or investing for a happy and relaxed retirement or whether you have a more short term goal like going on a holiday, buying a new car or saving for your child's education - there are still safe options out there which will suit your needs.

No matter what your goals though, always consult an expert in order to determine the best course of action for your financial needs.