The ‘How to avoid investment scams’ leaflet share information about how to find out about potential scams, how they could affect individuals, and how clients can protect themselves.

The leaflet flags that scammers may share fake reviews and claim other clients have invested or want in on the deal in order to get savers to part with their cash and urges clients of Financial Planners to check out the Financial Conduct Authority’s ScamSmart website.

Keith Richards, chief executive of the Personal Finance Society, said: “The personal finance profession has a vital role to play in stopping scammers from getting their hands on their clients and the general public’s cash.

“As part of our ongoing campaign, we encourage all members to download and share the leaflet with clients and encourage them to share with family and friends.

“A major event like coronavirus can initiate new types of scam activity and our profession will be able to spot scams quicker than the unsuspecting public. Financial advisers can play a key role in fighting financial crime. Together with the Financial Conduct Authority and The Pensions Regulator, we are urging consumers to be vigilant for scams that could appear over the coming weeks and months.

“A key takeaway from this leaflet is if in doubt, always seek impartial advice from a regulated financial adviser or a trusted friend and if something sounds too good to be true, it probably is.”