PFS teams up with FCA in battle against scams

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The Personal Finance Society is working with the FCA on a new campaign against pension and investment scams.

The professional body is launching a national campaign calling on financial planners to report scams to the regulator. In return, the FCA is in the process of taking on additional resources to deal with reports, and will feedback information and statistics so planners can see what impact their calls have had.

Speaking at the PFS’ National Planning Symposium in London today, chief executive Keith Richards says while some members had been effective in reporting scams, the campaign would look to them to “step that up,” and argued the profession had a “collective duty” to do more to fight fraud.

He says: “Well qualified professionals like you will spot a scam much quicker than an unsuspecting member of the public. You will sniff out a potential scam quicker than your family or friends.

“Some of you may have come across things you think have been scams but forgot to do anything about it.”

Richards adds the PFS will continue to put pressure on the Government over consumer issues and not confine its role as a professional body to qualifications.

He says: “In the past we have often been too frightened to put our head above the parapet because we didn’t want to be confused with a trade body.

“We shouldn’t be shy to lobby. We are very active challenging Government and regulators where we believe their own policies are having a poor impact on consumer outcomes.”