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Island IFAs join anti-scam initiative

Personal Finance Society CEO Keith Richards

PFS members keen to identify threats

Hard luck stories of people losing their savings to plausible financial scams appear in the media daily. 

While the publicity has raised awareness of the threat, losses are growing fast, as those with cash put by are lured to explore what seem lucrative ways to grow their capital.

In 2016 it's estimated £1.2 billion was lost to fraudsters in the UK. 

An initiative by the Personal Finance Society launched in the UK last month has harnessed the experience of financial advisors to spot harmful scams and sound alarm bells.

The scheme adds a new dimension to advisers' traditional roles, and requires a pro active approach to local regulators. 

It was outlined to members in the Island at a professional development forum yesterday (14 March), where the Chief Executive of the Society Keith Richards was a guest speaker:

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