As a profession we can help by spreading the word about scams and the ban at networking groups, in blogs, client newsletters and articles in parish magazines – anything.
Every scam costs us money through the FSCS but more importantly, every scam weakens us as a profession. It does not matter whether the scam involved a regulated adviser or not; it will be reported that a ‘financial adviser’ ripped them off.
We can all, must all, play our part to combat the scammers and improve the image of our profession. This ban is just one small step in doing that.
Darren Cooke is a chartered financial planner at Red Circle Financial Planning