Regulating 'get rich quick' seminars

BT readers are not prolific letter writers but when they do send in their views for publication, they usually raise valid and important issues. Such was the case with the last missive that appeared in print "Scrutinise financial investment seminars too" on Sept 24 where reader Vincent Khoo makes a strong case for some form of regulation to be introduced to govern the dozens of "free" and paid investment seminars that are regularly advertised in the print and Internet media, particularly those that claim massive (sometimes guaranteed) profits in a short space of time.

The reasoning is that if financial advisers have to be licensed under the Securities and Futures Act (SFA) and are strictly limited in what they can say or sell to their clients, then so should those who conduct these "get rich quick" courses and seminars on trading commodities, property, stocks, currencies etc.

Granted, speakers at these events do not have a lasting relationship with the audience, at least not of the form that could be construed as being fiduciary, but as Mr Khoo correctly pointed out, a gullible public which pays thousands to attend and then stand to lose thousands after attendance because they think that can surely get rich should still be protected.