The Personal Finance Society is in talks with the FCA over how to better protect the public against scammers as it pledges its support to an adviser’s petition to ban pension cold calls.
PFS chief executive Keith Richards says tackling cold calls are part of its discussions with the regulator.
He says scams and fraud have an impact on the way consumers view the advice sector.
Richards says: “To a large extent that has ramifications and an impact on the reputation on the advice profession as many consumers do not always differentiate between these kinds of firms.”
The PFS has also signed up to a petition started by Red Circle Financial Planning director Darren Cooke to ban pension cold calls in order to stop vulnerable individuals being sold unregulated investments or getting taken in by scammers.
The petition currently has more than 1,800 signatures and needs to reach 10,000 by 21 March for the Government to respond.