Advisers need to do more to uncover financial scams to help improve the reputation of the industry.
Steve Young, chairman of IFA network Sense said as a profession, financial advisers are excellent at highlighting scams and poor practice and driving.
For example, the petition to ban cold calling for pensions; was started by Red Circle financial planning director Darren Cooke and then backed by many other influential people and organisations.
The Government soon committed to taking action, while the publicity the campaign received was hugely beneficial in the fight against scammers.
Mr Young said: “The misery, and financial hardship, that scams cause to those caught up in them cannot be underestimated. Nor can the damage they do to the reputation of our profession.
“It discourages people from taking financial advice, leaving them even more vulnerable to falling foul of scammers. We need to break that vicious circle, while continuing to educate the public.
“From a consumer perspective, greater awareness of scammers will lead to fewer people being parted from their savings. Whilst this is the priority, it will also lead to greater trust in advisers and planners, improving engagement levels and pave the way to consumers taking better financial decision.”
Echoing Mr Young's thoughts, Rebecca Robertson founder of Evolution for Women, said that advisers can do more to help improve the reputation of the industry; which will also get better as firms become more professional under regulation.
Ms Robertson said: “We are always going to have bad apples in any industry. It is always something to be aware of, especially because people like to think the best of the person they are speaking to.”
“For advisers, fewer scams will put less pressure on the Financial Services Compensation Scheme and could lead to improved professional indemnity insurance terms.”