The FCA announced earlier today that investors had lost an average of £87,410 per day to binary options scams alone in last year and online investment scams in particular were on the increase.

The PFS has warned Financial Planners and advisers that investment scams are damaging the good reputation of the financial advisory sector and advisers should commit to be vigilant by watching for scams.

Personal Finance Society chief executive, Keith Richards said: "We have a collective duty to protect the public against the increasing scourge of scams."
"Our profession has a vital role to play - not only in protecting the interests of clients and their families, but also the public at large."

The PFS haas aligned itself with ScamSmart since it was launched in October 2014 and in April 2015 supplemented it with their own 'Don't get stung' anti-scam initiative to help people differentiate between regulated and non-regulated pension advice.

Mr Richards said: "One cannot underestimate the reputational damage that scammers cause for the profession when the public are unable to distinguish between genuine expert advice and that of a fraudster.".

"We must do whatever we can to reassure them about the value of regulated professional advice, at a time when demand for it has never been higher. Those charlatans who seek to deceive and defraud consumers need to know that we will not tolerate it.

"Our members are best placed to spot the signs of a potential scam and thousands have already signed-up to a commitment to devote at least 15 minutes per month to scour the internet and report back with any suspicious findings via a dedicated link to the FCA."