The Personal Finance Society (PFS) and Financial Conduct Authority (FCA) are to team up to launch a national campaign against scammers, the professional body's chief executive has said.
Speaking at the PFS National Planning Symposium in London on 24 November, Keith Richards (pictured) urged advisers to get behind the campaign, which aims to crack down on rogues targeting consumers.
As part of the campaign advisers will be given a "special link" to warn the FCA when they spot a scammer or cold-caller.
"Professionals like you will sniff out scammers quicker than the general public," he said. "You will sniff out a potential scam quicker than your family or friends. We have a duty to do something about this."
Richards said the regulator has been "geared up" for an increase in volume of cases as advisers report more scammers.
The Treasury was also keen for the advice profession to get involved, he said. "They think it's marvellous professional advisers might consider giving up a bit of their time to protect the public's interest."
Richards said the regulator will provide statistical data back to the PFS so advisers are able to see the evidence of their reporting and don't think their efforts are "wasted".
"It's a collaborative approach for the first time with the regulator to combat a surge against the public. Whilst your clients are better protected than most, it doesn't mean anyone's less susceptible to scams. Your family and friends are also susceptible to scams.
"We have a really key role to play by rallying together as a national campaign, as a united professional, to protect the public's best interest against these rogues."
The FCA already runs a 'scamsmart' campaign, which aims to make consumers aware of increasing numbers of scams following the government's pension freedom reforms.
It May it warned of scammers targeting older investors, enticing them through 'high returns' to invest in unregulated products such as wine, diamonds and land.
The government is also ramping up efforts to combat illegal activity. It is currently in the process of banning cold-calling and giving providers more powers to block suspicious pension transfers.
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