Personal Finance Society  

PFS in landmark FCA deal to target scammers 

PFS in landmark FCA deal to target scammers 

The Personal Finance Society has launched a project with the Financial Conduct Authority to root out scammers.

The regulator has agreed to share more information with advisers about scams and where they originate from, in exchange for their help in alerting the FCA about them.

Speaking at the PFS symposium in London today  (24 November) Keith Richards, the PFS chief executive, asked advisers to spend 15 minutes each month scouring press, Web and telephone promotions to help identify and report scams.

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He said: "A growing number of people are losing thousands of pounds each week to scammed that are becoming more and more sophisticated.

"Personal finance professionals are better placed to spot scams quicker than unsuspecting members of the public and as are profession we have a vested interest in contributing to the wider effort of helping protect consumers."

The PFS has also reached an agreement with a charity to provide pro-bono advice to former servicemen and women.

Mr Richards called on advisers to sign up to the initiative with the On Course Foundation.

He said members of the armed forces who left with disabilities often had six figure sums they are unsure what to do with.

He said: "The foundation approached us to ask whether we would be interested in providing pro-bono advice to soldiers to find out what in the first instance they could be thinking about.

"In addition to that we are working on a job site because we also feel that many of the ex armed forces would see financial planning as a great second career."

Mr Richards added that 2016 had been a momentous year, citing the Financial Advice Market Review and the Brexit vote.

He said many decision makers such as HM Treasury now saw the PFS as the go-to body for the advice industry.

Mr Richards said: "As a united profession we can influence the direction of our travel."